XRP price has seen a renewed upward momentum since the beginning of the month. Compared to the top crypto pairs in the crypto market, the price of XRP has shown a rather unmatched performance, with an increase of over 266 percent since April 5.
At the time of writing, XRP is trading at $ 1.75 with a market cap of over $ 80 billion, making it the 4th largest cryptocurrency on the market. The XRP market has witnessed a 93 percent price increase in the past 7 days. Interestingly, despite the bullish momentum from the previous week, XRP recorded a slight price correction at the time of this writing.
1-hour XRP price chart
The price of XRP has been rising for more than a week and it seems like it has finally reached a strong enough resistance level. Over the past three days, the coin has made multiple attempts to surpass the $ 2 price level, which has failed each time. While this is not a bearish sign for XRP price, it suggests that the bullish momentum in the market may start to see a decline.
In such a scenario, a price correction can be expected and this could push the price to immediate support at $ 1.31. This price range was last seen on April 12th and helped raise the price again. However, if this support fails, XRP could drop to the $ 0.85 range. However, given the current market conditions, it is difficult to say whether there will be such a price decrease in the next week.
If initial support is breached within the next 48 hours, investors can take advantage of short positions and earn profits close to XRP’s range of $ 0.8.
XRP has seen a tremendous increase in bullish momentum in just over a week. But there may be a minor correction as the trend may change soon. Interestingly, the MACD indicator has continued to maintain its bullish trend, but the RSI has begun to move out of the overbought zone and may head towards the neutral zone next week. This may indicate a decrease in bullish momentum.
XRP may take one more attempt to try and surpass the current resistance level. If such an attempt fails, he may soon turn to his first support. For traders, it may be useful to open short positions in the cryptocurrency if this level fails.