Rallying XRP breaks $0.51 resistance: Is $1 closer than ever?

  • XRP’s value surged by nearly 4% in the last 24 hours. 
  • Most metrics and market indicators looked bullish.

Over the past few weeks, Ripple [XRP] has witnessed multiple corrections that have pushed its price under critical support.

However, as the market turned bullish, the chances of XRP recovering from its past losses increased. In fact, it might have even begun a bull rally. 

XRP breaks above its resistance 

FLASH, a popular crypto analyst, recently posted a tweet highlighting XRP’s performance over the past couple of months.

As per the tweet, the XRP daily chart displayed two falling wedge patterns that the token successfully broke above.

Things turned disastrous for the token in April when its price dropped sharply. But XRP’s price going above the resistance of $0.51 could turn the situation upside down in the token’s favor.

The good news was that the token managed to break above the level as its price increased by nearly 4% in the last 24 hours.

According to CoinMarketCap, at the time of writing, XRP was trading at $0.5347 with a market capitalization of over $29.4 billion.

AMBCrypto then analyzed Santiment’s data to see whether the uptrend was a result of the bullish market condition or if metrics were backing it.

We found that buying pressure on XRP was high as its exchange outflow spiked sharply last week.

The fact that investors were buying the token was further proven by the drop in its supply on exchanges. Sentiment around the token also turned bullish, as evident from the rise in its Weighted Sentiment.

However, the token’s NVT ratio spiked sharply on the 21st of April. A rise in the metric means that an asset is overvalued, which might put an end to a token’s ongoing bull rally.

Source: Santiment

XRP: Bull run to continue?

Since a few of the metrics looked bearish, AMBCrypto then analyzed the token’s daily chart to better understand the possibility of the bull rally continuing.

As per our analysis, XRP’s MACD displayed the possibility of a bullish crossover.

Its Relative Strength Index (RSI) registered an uptick and was headed towards the neutral mark, hinting at a continued price increase.

However, the Money Flow Index (MFI) suggested otherwise as it moved downward slightly. 

XRPUSDT 2024 04 21 13 24 13

Source: TradingView

Is your portfolio green? Check the XRP Profit Calculator 

If a utopian scenario is to be considered in which XRP’s bull rally continues, it might be able to recover from its losses. The first target for the token should be going above the $0.54 resistance level.

After that, investors might witness the token’s price touch $0.57. If the token manages to successfully break above that level, then it might reclaim the $0.6 mark in the coming weeks. 

Next: Crypto market’s weekly winners and losers – BONK, SUI, STRK, TAO

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