As Bitcoin approaches 57k, the entire crypto market is being dragged higher. Ripple (XRP) is not missing the bullish sentiment, and has already managed to overcome the psychological barrier of $ 1.
At the time of this writing XRP is trading at $ 1.10, accumulating a 5.33% loss, but still maintaining a 1.76% gain during the last 7 days.
The positivism in the market of this cryptocurrency is not being as much as in others, however, it is still a market leader thanks to its $ 51,000 million in capitalization, so it could continue to benefit as a new general bullish rally unfolds. .
Also, some good news about the Ripple project could be giving price strength in the near future.
That news includes the launch of a $ 250 million fund for the development of NTFs based on the XRP Ledger chain (quite bullish announcement), a partnership with Nelnet to promote solar-based projects, and collaboration with the Qatar National Bank Group to provide a better border payment system in Qatar.
Ripple technical analysis after recovering the $ 1
On the daily candlestick chart we see that the price of XRP is engulfed in an uptrend, thanks to ever higher lows and highs.
Today Ripple is making a pullback, which appears to have found support at the $ 1 price.
Now a new short-term bullish momentum is most likely to start next. To confirm this, the price resistance at $ 1.16 must be broken, which would clear the ground to $ 1.38.
Weekly chart
From this time frame we also note that bulls are the dominant force. Here a support at $ 0.94 was the bottom before Ripple recovered the price of $ 1.
There is now a chance that a new medium-term momentum is in the works, and this could push XRP towards a new yearly high of over $ 2.00.
At the moment it is not confirmed that a new impulse with such force has begun. To do this, the resistance at $ 1.32 must be broken.
Otherwise, if the support at $ 0.94 is lost, then we could see selling to $ 0.69. For now this is an unlikely scenario.
Ripple recovers the psychological price to $ 1. Chart Source: TradingView.
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