Ripple’s XRP had been trading in a range for the past few weeks. Sundays rise brought the price of XRP near the top of that range but the start to this week has resulted in XRP breaking out of the range to the upside.
XRP has moved from opening near $0.45 on to currently trading above $0.52. The move overcame key resistance near both the $0.49 level and 200 EMA which is also trading around this point.
This move is bullish for the price structure of XRP. It changes the market structure for XRP with a higher high forming. The daily MACD is also starting to increase along with the RSI, both showing increasing buyer momentum.
The hourly chart shows much of the same with price action forming a series of higher highs and higher lows. Increases have been on significantly more volume than drops, and the MACD continues to increase.
One point to note from analyzing the hourly chart is a bearish divergence forming between price and RSI. The price has formed a higher high while RSI has formed a lower high. This shows price going on to increase higher despite the buying pressure falling back. this is a typical reversal pattern. It does not say for certainty that XRP is going to reverse from here, but it does mean traders should and will be more cautious of price turning around from here.
- XRP has broken range with 15% spike over the course of three days.
- Price overcame key resistance at $0.49 and the 200 EMA.
- Price has been forming a series of higher highs and higher lows on the hourly but has recently formed a bearish divergence between price and RSI, a reversal sign.
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