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The past 24 hours have seen bullish momentum return to XRP, with the cryptocurrency now reclaiming the $2.5 price level. This bullish momentum comes after a seven-day stretchof range consolidation between resistance at $2.5 and support at $2.3. Despite this consolidation of the price, technical analysis shows that XRP is still trading in a bullish setup, especially on the daily candlestick timeframe. Notably, this bullish setup shows that the XRP price is about to makea new all-time high run to $5. Bullish RSI Divergence And Strong Support Set The Stage
Technical analysis ofthe XRP price, which was posted on the TradingView platform, shows that the cryptocurrency is on the verge of a maximum surge in the coming weeks. Technical indicators play a crucial role in this outlook, which is currently bullish, despite the recent price downturn. Related Reading XRP Price Breaks Out Of Symmetrical Triangle Pattern, Why The Target Is $8 4 weeks ago
One such technical indicator is the Relative Strength Index (RSI), which measures momentum in price movements. The RSI, for one, is flashing a bullish divergence on the daily timeframe. This occurs when the RSI makes higher lows while price action makes lower lows, which is a signal of reversal to the upside. Source: Chart on Tradingview.com
Furthermore, technical analysis shows that despite the price downturn, XRP has managed to hold above strong support at $2. The ability of XRP to hold above the support means that the recent selling pressure wasn’t an XRP price weakness as many expect, but only a consequence of a wider downturn in the entire crypto market. With the bullish structure intact and selling pressure appearing to wane, the asset remains in a strong position for a renewed rally, with a $5 target in sight. Can XRP Break Its All-Time High And Rally To $5?
XRP’s all-time high remains at $3.40 and has yet to return to this price level since January 7, 2018. However, the altcoin has been one of the best performers this cycle, and this all-time high might not stand for long. In a recent rally, the cryptocurrency surged to $3.36, only to face sharp rejection from bearish resistance just before breaking new ground. Related Reading XRP Price Prediction To $4.9: How The 1-Day 50 MA Will Drive The Next Wave 1 month ago
A move to $5 would not only mark a new all-time high but also solidify XRP as the best performer this cycle. The path to this milestone, however, will require the cryptocurrency to overcome key resistance zones,particularly around the $2.8 and $3 levels, where selling pressure has shot up this cycle.
At the time of writing, XRP is trading at $2.51, having increased by about 4.5% in the past 24 hours. If bullish momentum continuesto build and XRP successfully clears these barriers, the projected $5 price target could be within reach. XRP trading at $2.5 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com