NEWS $XRP

Can XRP break its all-time high?

ANALYSIS

XRP has remained since it nearly reached 4 dollars and has not returned to this price level since January 2018. However, the altcoin has been one of the best performers in this cycle, and this all-time high may not hold for long. In a recent rally, the cryptocurrency rose to 3.36 dollars, only to face strong rejection from the bearish resistance just before opening new paths.

In recent hours, a bullish momentum has returned to XRP, with the crypto now recovering the price level of 2.5 dollars. This bullish momentum comes after a 7-day range consolidation between the resistance at 2.5 dollars and the support at 2.3 dollars. Despite this price consolidation, technical analysis shows that XRP is still trading in a bullish setup, especially in the daily candle timeframe.

Technical analysis indicates that the cryptocurrency is on the verge of a maximum increase in the coming weeks. Technical indicators play a crucial role in this outlook, which is currently bullish, despite the recent price drop.

One of those technical indicators is the Relative Strength Index (RSI) that measures momentum in price movements, which is showing a bullish divergence on the daily timeframe. This occurs when the RSI makes higher lows while the price action makes lower lows, which is a signal of upward reversal.

Additionally, XRP has managed to stay above the strong support of 2 usd. The ability to remain above support means that the recent selling pressure was not a weakness in XRP's price as many expect, but rather just a consequence of a broader decline across the cryptocurrency market. With the bullish structure intact and selling pressure seemingly decreasing, the asset remains in a strong position for renewed upside, with a target of 5usd.