The first two days of the week were not good for Ripple as the coin’s value had lost previous gains since Oct 18. However, XRP experienced instant recovery today after it overcame the tanking trend and rocketed-off upwards above the previous lows. Additionally, XRP price could surge above $0.4700 according to the technical signs.
Ripple price had a rough start at the beginning of the week after it started a downtrend from the previous $0.4500 levels. The coin’s price dipped a few points but found strong support near the $0.4320 levels. As a result, the price bounced back sharply and broke the $0.440 and $0.4550 resistance levels. Additionally, there was a break above the 61.8% Fib retracement level of the last slide from the $0.4613 high to $0.4322 low.
Moreover, there was a close above the $0.4500 level and the 100 hourly simple moving average. More importantly, yesterday’s highlighted key bearish trend line was broken with resistance at $0.4505 on the hourly chart. According to the chart, Ripple (XRP) could surge above $0.4700 after getting back to the positive zone.
News and developments
Ripple has experienced massive adoption in the last few months and recently overtook Ethereum as the number two digital currency behind Bitcoin in mid-September, following a 100% surge in price. The coin has also continued to garner notice from figures like the CEO of the investment advisor organization deVere Group, Nigel Green, who stated:
“Cryptocurrencies are the future of money, and clearly, XRP is proving to be one of the most useful cryptocurrencies for businesses, individuals and organizations. The use of XRP is set to increase, and naturally, this will have a positive impact on the coin’s price.”
With these positive developments and statements from well-known figures in the crypto industry, it only remains to be seen where XRP’s price will head.
Do you see XRP’s price surge to such levels in the near future?
Share your views in the comments section below