XRP is exhibiting strong upward momentum, trading above $2.00 with both short and long-term technical indicators implying more room to run. As buyers have shown every time when price declined in the face of hawkish news, the cryptocurrency has proven to be remarkably resilient. Market experts are starting to get bullish, with recent price targets in the $10-$20 range in the upcoming months.
XRP’s 13% surge last week led the overall profess market, even as the CoinDesk20, an index of the 20 most widely traded digital assets, was up 8.3%. XRP’s price shooting up as well, from $1.93 to $2.24. This 13.7% increase is impressive because of the significant strength it had throughout the entire period analyzed. Volume spikes during upward movements confirm strong buyer conviction, especially during surges at 11:07 and 11:31, when volume exceeded 1.4 million and 2.2 million, respectively.
A significant breakout occurred at 10:42 when the price surged through $2.153 resistance with elevated volume. XRP USDT Chart by TradingView XRP USDT has created an ascending channel, with support at $2.148 and resistance at $2.160.
Given the recent consolidation between $2.13 and $2.16, it appears this is creating a bull flag. This near-term bullish continuation setup is indicative of further advance to come. On the technical side of things, XRP is creating a bull flag pattern. This constructive pattern may result in future targets of $2.28 and $2.35, measured using Fibonacci extensions. Targets of the 48-hour Fibonacci extension also indicate likely overhead strength at $2.28 and $2.35.
XRP showed strength on April 12th, busting through the $2.07 resistance point on 240 million in volume. Volume shot up massively during some of the most important breakouts, an encouraging show of market participation and demand.
"The technical setup appears particularly compelling, with XRP currently trading within an ascending triangle pattern that could trigger a move toward $2.40 if the $2.22 resistance is breached, according to CoinDesk Research's technical analysis data." - CoinDesk Research
XRP is enjoying a rare 55-week EMA / 155-week MA bullish cross.
"Crypto analyst EGRAG CRYPTO identifies a rare bullish cross between the 55-week EMA and 155-week MA, suggesting potential for massive price growth similar to the 958% rally following the same signal in 2017." - EGRAG CRYPTO
