XRP Price Analysis: Six Failed Breakouts in a Row – What’s Blocking the Bullish Reversal?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The XRP price has jumped by 2.5% in the past 24 hours, hitting $0.553 as the crypto market as a whole slips by 0.5% today.
XRP is now up by 3% in a week but down by 5% in a month, as the altcoin struggles with the fallout from the SEC’s recent appeal and repeatedly fails to breach the $0.56 resistance level.
Yet the increasing bullishness of the wider market could help the XRP price launch stronger rallies in the coming weeks, particularly when the coin has been in such an undervalued position for so long.
XRP is riding some renewed momentum today, with its indicators suggesting that it may test its resistance level (green) once again in the next day or so.
Most notably, its 30-period moving average (orange) has just climbed over the 200-period average (blue), a ‘golden cross’ that can signal a big breakout.
At the same time, XRP’s relative strength index (purple) has just touched 70, after spending most of yesterday below 50.
Again, this indicates new momentum, while also giving XRP space to climb higher, given that the RSI hasn’t been high for very long.
What’s interesting is that whales have begun accumulating XRP again, with the coin’s volume rising above $1 billion this morning.
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