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Ripple’s XRP Gains Momentum Above the Key Support Level as Bulls Take Over the Market




Bulls take over the market as after almost 3 weeks Bitcoin finally breaks above $22k, leading altcoin jerk upwards.

Market Overview

The last time Bitcoin had traded above $22k was on August 19th. Since then the Bitcoin has continuously been trading between $22k and $19k. In the meantime the average price remained $20.4k and the lowest point was $18.4k, hit on September 7th.

At the moment Bitcoin is trading at $21.2k, up 2.5% in the day and 12.2% over the week. This recent price surge has had a great effect on other altcoins. ETH, BNB, XRP, ADA, SOL, and DOT have gained value by 12%, 8%, 9%, 5%, 17% and 6%, respectively.

XRP Price Analysis

At the time of press Ripple’s native XRP is trading at $0.35, up 9.4% over the week. XRP is currently above the 4-hours  55 simple moving average. In the past 24-hours there was a break above a key bearish trend line with resistance near $0.34 on the 4-hours chart.

As for the further technical analysis, 4-hours MACD is losing momentum in the bullish zone as the coin’s RSI-Relative Strength index- stands above 50, suggesting that the coin is just slightly oversold.

Moreover, yesterday XRP crossed $0.36 for the first time since August 26th. If the Bitcoin sustains above $0.35 for a relatively longer period of time, XRP could approach $0.40 as the coin gains support at $0.35 and $0.33. On the upside, however, XRP is resisted at $0.37 and $0.39.

Notably, XRP’s recent performance is not only the manifestation of general market condition, rather, surge in On-chain activity on the Ripple network have played a significant role. Ripple’s position in the SEC lawsuit is the cause of rising investors’ interest in the coin.

Gracie Perez is a part of RippleCoinNews team since we started. she holds a degree in Computer Sciences. From 2017, She has pivoted her career towards blockchain technology, with principal interest in writing Cryptocurrency news and different guides. She is also working with different online media outlets.

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