The Ripple price has surged 40% over the last 8 days. But if XRP clears one key resistance level, the bulls will once again be eyeing $1.00.
Ripple is trading at $0.7202, higher by $0.078 (11.93%)
Another day, another mostly positive start for the cryptocurrency market. Bitcoin is straddling $40,000, Ethereum’s doing the same with $3,000, but the Ripple price is motoring.
XRP has made considerable progress from the $0.5140 low, set on the 20th of July. Buoyed by BTC’s $10,000 increase, Ripple’s market cap has improved by almost $8 billion to this morning’s $32 bln, returning Ripple to the rank of sixth-largest cryptocurrency.
Although the bulls will undoubtedly be happy with the recent performance, they still require the price to appreciate by 175% to reclaim 2021’s, $1.9839 high. Whilst that herculean task may take some time, there are signs that XRP may soon narrow the gap.
The daily chart shows the Ripple price has broken out of a two-month downtrend. Furthermore, the recent price action has lifted XRP above the 50-day moving average at $0.6757. However, this morning the price has been rejected at the 100 DMA at $0.7705.
If XRP manages to clear the 100 DMA, it clears the path to the 200 at $0.9479. And considering the momentum, this looks probable.
However, the Ripple price will to some extent, follow Bitcoin. And therefore, traders should pay close attention to BTC as it attempts to hurdle $40k.
The bullish outlook for XRP remains as long as the price remains above the 50 DMA. Should Ripple fall below $0.6756, this positive price prediction becomes invalid.
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