The Ripple price is displaying great performance. At the time of writing this, the XRP price has increased by almost 25% in the last 24 hours. In the last 30 days, the Ripple price has increased by almost 90%. Let’s take a look at it in more detail.
After days of lingering behind the cryptocurrency market, it seems that Ripple price eventually exited its stabilization phase and began its strong uptrend. People were theorizing about the causes why XRP slipped to jump-start the year like all other cryptocurrencies. In this article, we’ll try to explain why XRP almost tripled in price.
Ripple Price Analysis: XRP Price Shoots 25% within 24 hours!
XRP/USD Daily chart – TradingView
As mentioned earlier, the XRP price has increased by almost 25% in the last 24 hours. It is now sitting at $0.566. Actually, XRP price has been on an uptrend since the beginning of November 2020. A definite break above the current levels can force the XRP/USD price further to $0.6. It may return $0.71 resistance if the Ripple price proceeds to grow.
If Ripple price notices another selloff, it may slide to $0.451. A fall below this could post the Ripple price further to $0.4 and possibly $0.31. The RSI and MACD are currently low, implying bears are still there.
For traders and investors who are just joining the market, it is certain to feel a strong support area now. Otherwise, with strong market fundamentals, the Ripple price is supposed to touch further sections of prior consolidation, such as the soft target of USD 0.60.
Ripple Price Analysis: XRP Price And The Weekly Chart
XRP/USD Daily chart – TradingView
It is difficult to foretell the coming movement of XRP before we notice a specified price-action in 48 hours, and especially during midnight, where most volatility happens. But in any case, XRP price normally limps behind the cryptocurrency market, and we’ll be able to understand the overall price trend if Bitcoin actually touches its new USD 23,800 price target.
Conclusion
If the Bitcoin’s USD 23,800 event actually occurs, we can then consider another rally for XRP/USD price, but this will most surely develop after the current price reviews more due to the XRP selloff that might occur.
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