This morning, Cryptoes (@cryptotoes_ta) took to Twitter to share some promising news for Ripple (XRP) investors. The remittance token has reportedly closed above a crucial price level, as confirmed by the daily close. This development has sparked optimism among traders, who anticipate a potential surge in the coming days.
According to the tweet, XRP’s value is poised to surge beyond the upcoming resistance threshold of $0.53, provided this level remains steadfast.
As of publication, CoinMarketCap reports XRP’s current price at $0.5105. The altcoin has experienced a modest 0.32% increase in value over the past 24 hours, contributing to its impressive weekly performance. At present, XRP boasts a weekly price gain of +1.12%.
Despite XRP’s recent performance, it experienced a slight decline against the top two cryptocurrencies, Bitcoin and Ethereum, by 0.47% and 0.67%, respectively. Ripple’s daily trading volume decreased by approximately 25.04% in the last 24 hours. As a result, XRP’s current daily trading volume is $820,345,203.
At present, XRP’s daily chart displays a bearish triangle chart pattern, following a week of lower highs in the price of the remittance token.
Great news for XRP traders and holders! The altcoin’s price has successfully broken out of the chart pattern during today’s trading session. If XRP’s price manages to close above this pattern by the end of the day, it will invalidate the bearishness suggested by the pattern. As a result, XRP’s price is expected to surge towards $0.5358 within the next 24-48 hours. This is a positive development for those invested in XRP and a promising sign for the future of the altcoin.
According to the daily RSI indicator, XRP’s charts currently show significant sell volume. The daily RSI line trading below the RSI SMA line indicates this. Additionally, the daily RSI line is sloping downwards towards the oversold territory.
Traders should exercise patience and wait for a bullish cross between the daily RSI and daily RSI SMA line before initiating a long position for XRP. This strategic move ensures a more favorable outcome for their investment.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
