Ripple (XRP) Surges 20% in a Day – Where Next?
- XRP has increased its value by 20% since yesterday.
- The altcoin uses the 200 MA as its support, which hasn’t happened in more than two months.
- XRP faces rejection at the $0.73 resistance.
XRP has seen impressive rallies over the past 24 hours. Keep in mind that the coin once led the top 100 assets with its massive gains. The recent rally comes from the news about the partnership between the Philippines and Japan on the corridor for ODL services that use XRP. That will increase the coin’s use case, promoting its success as XRP can facilitate international transfers. The news saw XRP surging 20% within one hour.
XRP/USDT 4-Hr Chart
According to the four-hour chart, XRP shows a discrete higher high clique. It is the first time that the pair has indicated the set since months ago. However, the positive news earlier today had the asset surging higher before retracing to its support. Keep in mind that XRP has indicated a discrete bullish pattern since last week. The pattern is known as Adam and Eve, formed by a V-shaped trend followed by a round bottom pattern.
If XRP manages to break above its box, it can accomplish its targets towards $1.
Meanwhile, XRP uses the 200 MA as support since about three months ago. That indicates that the coin registers bullish moves for the near term. However, if bears storm immediately to control the market, the altcoin may fall to its critical support at $0.618. Failure to hold this support will have XRP falling to the supports in the $0.611 to $0.634 range.
Relative Strength Index (RSI)
The RSI shows that the strength broke into the overbought zone but faced massive rejections. The indicator has created a bullish pattern with a break out possible to either direction. That depends on the incoming price movements.
Moving Average Convergence Divergence (MACD)
The MACD maintained higher trends before the recent slight bearishness, the histogram ticking down. A break beneath the zero (0) line will send the asset down to its support.
- Spot rate – $0.6991
- Trend – Bullish
- Volatility – medium
- Support level – $0.681
- Resistance level – $0.71