Ripple Price Analysis: After 30% Weekly Gains, Can XRP Continue to Soar?

Ripple, as the fourth-largest cryptocurrency by market capitalization, saw increases of over 30% during the last 7 days, according to CoinGecko.  The price extended to nearly $0.56 on Friday but got quickly rejected.

Technical Analysis

By Grizzly

The Daily Chart

The XRP/USDT trading pair reached a key support turned resistance level, for the first time since May 9, on the daily chart. Additionally, the price finally closed a daily candle above the 200-day moving average line (in white), which is a promising sign for the short-term future.

Given the strength of the resistance zone located between $0.50 and $0.55, it is likely that some traders may take profits in this area, and XRP will consolidate. However, as long as the price remains above the horizontal support at $0.42 (in green), this should not disrupt the current positive momentum.

If XRP can overcome the resistance mentioned above, which overlaps with the descending line (in yellow), reaching $0.60 should be an easy task for the cryptocurrency.

Key Support Levels: $0.45 & $0.4

Key Resistance Levels: $0.5 & $0.55

Daily Moving Averages:

MA20: $0.37
MA50: $0.36
MA100: $0.35
MA200: $0.48

The XRP/BTC Chart

When examining the BTC pair chart, Ripple shows strength, trading above key resistance. It has finally encountered horizontal resistance at 2870 SATS (in white) for the first time in over 400 days. The 200-week moving average line and this level intersect. Clearing this obstacle should pave the way to reclaiming the 2021 high of 3,900 SATs.

Considering its more than 80% increase in the last 10 days, XRP is expected to test the lower levels as support. As long as the pair continues to trade above 2,200 SATs (in green), the outlook for XRP appears positive.

Key Support Levels: 2350 SATs & 2200 SATs

Key Resistance Levels: 2870 SATs & 3900 SATs

The post Ripple Price Analysis: After 30% Weekly Gains, Can XRP Continue to Soar? appeared first on CryptoPotato.

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