XRP has surged over 11%, trading around $3.31.
Trading volume has jumped by more than 167%. The crypto market has posted a spike of over 3.11%, sending the market cap to $3.86 trillion. With the neutral market sentiment, the majority of the assets are charted in green, attempting a breakout to hit new highs. Notably, Bitcoin (BTC) is trading at $116.6K, and Ethereum (ETH) hovers at around the $3.9K level.
Enduring the bullish pressure, Ripple’s XRP exhibits a notable upward movement after surging by over 11.22%. In the early trading hours, the asset was hovering at its bottom level of $2.99. With the bullish encounter, the price has ascended to a high of $3.38, breaking the key resistance range between $3.04 and $3.33.
The CMC data has shown that XRP trades within the $3.31 mark, with its market cap at $196.75 billion. Meanwhile, the daily trading volume has exploded by over 167%, reaching $11.29 billion. In addition, the market has witnessed a 24-hour liquidation of $26.92 million worth of XRP, as reported by Coinglass.
Is XRP Ready to Ride the Bullish Wave?
XRP’s four-hour technical analysis reveals the Moving Average Convergence Divergence (MACD) line crossing over the signal line, and both are positioned above the zero line. This crossover indicates a sturdy bullish momentum, which might continue. Besides, the Chaikin Money Flow (CMF) indicator value found at 0.36 is positive, showing that the buying pressure is dominating the market. Also, it likely suggests that the capital is flowing into the asset — a bullish sign.
XRP chart (Source: TradingView)
With the positive outlook, the price could climb and test the nearest crucial resistance at the range of $3.37. If the active upside correction continues, the XRP price might trigger the emergence of the golden cross, breaking through the subsequent resistance at above $3.43.
Contrarily, assuming the bullish pressure of XRP fades, the price might slip toward the $3.25 level. An extended correction on the downside could push the death cross formation. This bearish depreciation would likely send the asset back to its former low at around $3.19 or even lower.
Moreover, the asset is stationed in the overbought phase in the market, as the daily Relative Strength Index (RSI) is settled at 70.86. It also implies a possible pullback or consolidation if the buying momentum starts to fade. XRP’s Bull Bear Power (BBP) reading of 0.4316 signals that the bulls currently have the upper hand over the bears, pushing the price above.
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