The rally that began after XRP broke above 54 cents appears to be picking up speed. In the following, we take a look at a few technical indicators that might provide some insights into why the XRP price is up today.
Key Support levels: $0.54
Key Resistance levels: $0.68
1. Buyers Continue to Dominate
Sustained buy volume has pushed XRP to almost 57 cents at the time of this article and gives confidence that this rally may just be starting. The resistance at 68 cents is the current target for this uptrend.
Chart by TradingView 2. Bullish Momentum Intensifies
As the price moved upward, the candles on the three-day timeframe made higher highs with expanding bodies. This signals that the bullish momentum is intensifying. The three-day RSI has also moved above 50 points, placing it on the bullish side.
Chart by TradingView 3. Bullish Cross on the MACD
The three-day MACD did a bullish cross. This is a significant change in the price action and shows that this rally is only beginning to materialize. If the past is of any indication, XRP has a good chance to move higher for the rest of the month and test the key resistance at 68 cents.
Chart by TradingView
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