XRP saw a 22% price increase over the past 3 days which allowed it to get back above the $0.30 level to where it currently trades at $0.307. The cryptocurrency has seen a further 14.5% price hike over the past 24 hours, making it the strongest performing coin out of the top 5 projects.
The latest surge might have been propelled further by the announcement of Line’s new cryptocurrency exchange. Operated by LVC Corporation, a subsidiary of LINE, the Japanese-based cryptocurrency exchange, BITMAX, has gone live today with XRP accepted as one of the tradable coins. It’s not just Ripple that’s in the green today, as all of the large- and mid-cap cryptocurrencies are marking substantial gains.
XRP remains the third-largest cryptocurrency with a market cap of $13.45 billion.
Looking at the XRP/USD 1-Day Chart:
- Since our previous XRP/USD analysis, the cryptocurrency climbed above the 2-month-old falling trend line and started its ascension higher. In today’s trading session, XRP has managed to break above the 100-days EMA as it meets resistance at $0.3216.
- From above: The nearest level of resistance lies at $0.32 and $0.3216. Above this, resistance is expected at $0.3288 and $0.33 (200-days EMA). If the bulls continue higher, resistance is located at $0.3364 (bearish .382 Fib Retracement), $0.34, $0.35, $0.3628, and $0.37.
- From below: The nearest levels of support lie at $0.3150 and $0.31. Beneath this, support can be found at $0.303, $0.30, $0.2890, and $0.2811.
- The trading volume has increased significantly over the past 2 days.
- The RSI is currently in extreme overbought conditions which could suggest that the bulls need a break. However, in extremely bullish conditions, the RSI can remain overbought for days without needing a retracement.
Looking at the XRP/BTC 1-Day Chart:
- Against Bitcoin, XRP has smashed above the previous resistance at 2570 SAT and continued higher to break above 3000 SAT to where it currently trades at 3130 SAT. This latest price increase is the reason as to why XRPUSD is surging so much!
- From above: The nearest levels of resistance lie at 3271 SAT and 3280 SAT (100-days EMA). Above this, higher resistance is located at 3375 SAT, 3500 SAT, 3568 SAT (bearish .382 Fib Retracement), and 3666 SAT.
- From below: The nearest level of support lies at 3000 SAT. Beneath this, support lies at 2798 SAT, 2710 SAT, 2600 SAT, and 2455 SAT.
- The trading volume has also seen a significant surge over the past 3 days.
- The RSI has also reached overbought conditions which tell us to remain slightly cautious. Furthermore, the Stochastic RSI is primed for a bearish crossover which could result in a small retracement.
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