Last week, XRP surged nearly 60%, reaching $0.95, its highest since 2023. This has sparked optimism for Bitcoin and potential sustained growth for XRP, its best performance since August 2021.
As of 11:41 a.m. EST, XRP is trading at $0.78, showing a slight 1.2% decline in the last 24 hours. However, over the past month, XRP has seen impressive growth of 66%, with a steady trading volume of around $3.2 billion.
XRP Price Breaks Out of Consolidation
XRP’s price history has been characterized by extended periods of consolidation lasting nearly a year. After facing a series of downturns, there was a notable surge in the XRP price, steadily climbing during the consolidation phase. During the last consolidation period, XRP encountered resistance twice but eventually broke out, surpassing its 2023 high of $0.5. This breakthrough was attributed to the positive news that Ripple (XRP) was not considered security in certain contexts.
However, shortly after this positive development, the price of XRP encountered strong resistance at $0.95, resulting in a decline to its current support level of $0.7. Nevertheless, there are indications of a potential rebound, as XRP is currently showing signs of recovery from this support level, with the possibility of reaching last year’s high of $1.29.
XRP Price Indicators Support the Bullish Sentiment
XRP price shows a bullish scenario, as indicated by the breakout above the 50 and 200 moving averages at $0.48 support. Furthermore, the moving averages show a crossover at $0.48, strengthening the bullish sentiment for XRP.
However, the price encountered resistance at $0.95, causing it to decline, but it found solid support at $0.7. The support level has proven resilient, allowing the bulls to drive the price higher. Notably, the price is currently trading slightly above the 50 moving average, which aligns with the support level.
The relative strength index is trading at 66, indicating neutrality in the market. This also presents an opportunity for the price to surge above the overbought region (70).
Based on the chart analysis, it is possible that XRP may experience another downturn toward the support level before resuming its upward trend in a further bullish stretch to $1.2 mark. Conversely, the if XRP price breaches the support level it could give bears the chance to push prices to $0.55
