Why is the Ripple (XRP) Price Up Today?

3 months ago 32

XRP broke the resistance at 54 cents and is on the move to higher levels. In the following, we take a look at a few technical indicators that might provide some insights into why the XRP price is up today.

Key Support levels: $0.54

Key Resistance levels: $0.68

1. The Price Broke Above a Key Level

With the resistance at 54 cents turned into support, buyers have free reign until the next key target at 68 cents. This reversal was expected, as indicated in our last analysis. The bias has also turned bullish based on this price action.

2. Strong Buy Volume Leads the Charge

In the past two days, buyers have dominated the chart, and XRP has not seen such a high buying volume since early January. There is still some distance to cover until 68 cents, but historically, this cryptocurrency can easily rally double digits in a single day.

3. Momentum Indicators Show a Breakout

The 3-day RSI has reached a higher high and also broke above its moving average, which signals momentum has shifted bullish. This confirms the breakout at 54 cents with the expectation that the price could easily go higher from here.