XRP price returned to the upside on Monday, rising by 3.6 percent as of this writing to trade at $0.583. The move signals a potential breakout by the crypto asset, after trading sideways for the last three days. XRP was the third-best performing among the top 10 ranked by market capitalization, trailing only Tron (TRX).
In addition, it had the second-highest traded volume among all crypto assets in the 24 hour period to this writing, with CoinMarketCap data showing that it had risen by 137 percent during that period. These figures signal a bullish undercurrent that could potentially potentially provide a stronger propulsion on the daily chart.
XRP price potentially faces a “calm before the storm” moment, as its momentum could potentially be impacted by the Securities and Exchange Commission (SEC) decision on whether or not to file an appeal against a court ruling in early August that was seen as favourable to token issuer Ripple Labs, despite a $125 million fine. The appeal window remains open until early October, and that could give room for near-term gains.
On the 2-hour chart below, the price has recently broken above the upper Bollinger Band, underlining a strong bullish momentum. Note that the upside has been rejected at 0.590 on the first attempt, signaling that the mark could present a resistance level in the near term. Meanwhile, the RSI is at 64, affirming the upside view.
On the XRPUSD chart below, the momentum favours the upside above 0.575. The buyers could encounter the first resistance at 0.583. However, extended control could enable them to break above the that mark and potentially build the momentum to test 0.590. Alternatively, moving below 0.575 will signal control by the sellers. That could see the establishment of the first support at 0.570, but extended control could breach that mark and render the upside narrative invalid. Also, that could clear the path to test 0.563.
This post was last modified on Aug 19, 2024, 14:24 BST 14:24