Ripple Price Analysis: XRP Price is on Fire

The XRP price has been on fire for the past few days. Today, the third-ranked cryptocurrency in the world has encountered an almost (+10.44%) surge and has touched $0.305 at the time of writing this. XRP’s trading volume also increased tremendously in the past few days. Let’s see it in more detail.

Ripple Price Analysis: XRP Price and Bulls are not Color Blind

A graph of the XRP price on the daily frame — XRP/USD – Tradingview

It seems that bulls are charging after seeing Ripple price. At the moment, bulls have a lot of momentum and they could climb above $0.312 in the next few hours. The percentage change in the current marketcap of XRP vs USD, compared with 24hrs ago, is increased by almost 10.50%. On the other hand, the percentage change in the Bitcoin-denominated current marketcap of XRP, compared with 24hrs ago is increased by almost 8%.

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Ripple Price Analysis: XRP Price is Bullish in the short-term?

A graph of the XRP price against the USD — XRP/USD – Tradingview

The Ripple price could be bullish in the short-term because the daily uptrend is strong but the RSI is overbought. The XRP price still hasn’t hit its yearly high at $0.346. The 1 hr range between XRP’s lowest and highest trading prices could be $0.299 – $0.307 while the range between XRP’s lowest and highest trading prices in 24 hours could be $0.291 – $0.312.

If you closely observe Ripple’s price history then you will find that Ripple was playing touch and go game with Bitcoin price. Previously, whenever Bitcoin price witnessed strong change, the Ripple price would decrease, but, this time the opposite is true. Today, at the time of writing this, the XRP price has increased while the Bitcoin price has slightly decreased. The Ripple’s percentage share of the total circulating marketcap also called marketcap dominance is almost 2.80% and the aggregate trading volume in the past 24hrs has increased quite well.

Conclusion

Ripple price is showing bullish behavior and it is in an uptrend but there are still some resistance levels to conquer. The trading volume is growing and the RSI is still not overextended. The bulls are somewhat facing the 200-EMA resistance at $0.307, so there is a strong resistance area between $0.30 and $0.31.

The next resistance level could be at $0.317, which is near the 25-EMA but XRP is also meeting all the other short-term resistance points. The RSI could be in the center and could be responsible for no impact on XRP’s price. We wish you happy trading!