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Technical Analysis

XRP price moves up by 5%

Arthur Webb

Last updated

 

on

Ripple's XRP
  • XRP price broke upwards on high momentum
  • XRP gained 5% against USD in 24 hours
  • Future gains within ascending trading channel are possible

1 Hour XRP/USD price chart

XRP continues to trade within the ascending channel. XRP price against USD increased by around 5% in the last 24 hours and is now trading just below $0.2700 mark. On the one hour chart, it is visible that price broke the $0.26300 resistance on high momentum and above the average volume, signaling the continuation of an uptrend. Furthermore, the price immediate response to an up move was consolidation at the level above the previous resistance. This is another good indicator that uptrend will continue.

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In the short term, XRP price can reach $0.28 and higher if it continues to move within the ascending trading channel on good demand. However, if the price retraces back below the $0.26300 line it may try to test support at $0.25800 and lower in the short term.

Chart source: Tradingview

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