Bitcoin price reached an all-time high, breaking a key resistance level above $ 20,000. Major altcoins followed Bitcoin, with XRP price finally taking action for an impressive daily rally. XRP price is currently trading around $ 0.56.
Yesterday we saw a bad drop in the price of XRP, Ripple’s token, below $ 0.45. The price dropped to $ 0.4352 and recently started a new increase. Bulls captured the crypto market and XRP climbed above the $ 0.50 resistance level. The upward move caused the price to increase by over 30%. During the rise, there was a break above a key bearish channel with resistance near $ 0.53 on the 4-hour chart of the XRP / USD pair. The price even rose above the $ 0.55 resistance zone. You can see it better in the chart below.
It is currently trading near the $ 0.57 resistance level and the 100 simple moving average (4 hours). It shows many positive signs. A close above the $ 0.5890 level could set the pace of a steady upward movement towards the $ 0.60 and $ 0.6120 levels in the near term.
Besides, if XRP starts a short term downside correction, it could find support near the $ 0.55 level. The first major support is near the $ 0.54 levels where the bulls are likely to take a stand. The main support is near the broken channel trend line at $ 0.52. Further losses could ease the current bullish pressure.
Also, in the short term, the bulls could see further upward movement as the TD Sequential indicator offers a buy signal on the 4-hour chart. The MACD is also bullish, making the signal more reliable. But the RSI and MACD are still low at the moment, indicating that the bears are still available. Overall, XRP prices have challenged consolidation from a record, the price may be heading north for the new peak.