XRP is up 20% in the past 24 hours, and it gives no signs of stopping!
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1, $1.3
Key resistance levels: $1.6, $2
Bulls Return with a Vengeance
In an unexpected move, XRP has rallied by over 20% in the past 24 hours. This comes after the price nearly lost its support at $1. The ongoing rally is market-wide, and XRP has made the best of this opportunity.
At the time of this post, the price has just moved past the resistance at $1.3, which is likely to act as key support. If the rally is sustained, then the next major target is found at $1.6.
Buy Volume Explodes
After months of consolidation just above $1, buyers are finally back, and the volume has spiked to levels not seen since the February crash. The difference now is that buyers are dominating instead of sellers.
This rally is very strong and has erased most of the losses since the start of the year. If it can manage to claim $1.6 as well, then XRP will make a higher high and officially end its downtrend.
Daily RSI Enters Overbought Zone
This very aggressive buying has pushed the daily RSI above 80. That places it in the overbought area and signals caution for late buyers. Most of the move could be behind us even if XRP does eventually hit $1.6.
Whatever happens going forward, XRP has already made a big statement that could turn the price action bullish for the remainder of the year. Ideally, this cryptocurrency will consolidate and confirm the recent gains before going higher.
The post Important Ripple (XRP) Price Update: August 21st appeared first on CryptoPotato.
