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XRP could skyrocket by 39% in the next few hours.
The price of XRP is getting ready for a significant increase as bulls defend a key support level, could it reach a new high of +39% soon?
It is trading at $2.85, with an increase of 3.1% over the last 24 hours and 56% from its lowest level of the year. Its market capitalization stands at $166 billion.
While its trading volume has increased by 70% compared to the previous day, a sign that trader demand is accelerating in a recovering bullish sentiment.
These gains are a result of Ripple's rebound after reaching a key support level at $2.85, an area that has served as a support base since mid-July. XRP must maintain this level to sustain a potential rebound in the coming days.
XRP has been trading in a descending triangle pattern for seven weeks. This type of setup, which generally suggests a sustained bearish trend, is formed by a succession of lows converging towards a horizontal support.
