XRP Ripple dropped below $2 yesterday, but is showing signs of a longer run that could break through a resistance point.
XRP is one of the best performing crypto-currencies of the past week. In the past seven days, it has risen nearly 100% against the U.S. dollar. The XRP/USD rose 2.30% yesterday after rising 22.24% the day before.
The XRP rally continued early Thursday morning, reaching a high of $1.96695. However, the failure to break through the first major resistance level at $1.9839 sent the XRP/USD pair to a low of $1.56077. The XRP managed to break away from the first major support at $1.5132, allowing it to bounce back and trade above $1.70. At the time of writing, the XRP was trading at $1,746.
XRP price forecast
For the day ahead, XRP must first break through the reversal level of $1.7832 to have a chance of entering the first significant resistance level at $2.0210. The decline in the XRP price coincides with the broader market, and the cryptocurrency may need help from the latter to break out of yesterday’s high of $1.96695.
In case of a sustained market rally, the cryptocurrency could test another resistance at $2.20 for a potential pullback, with the second major resistance point at $2.2038.
However, if the pivot at $1.7832 is not broken, the bears could take control and bring the first major support level at $1.6004 into play. Barring a massive selloff, the XRP is likely to avoid the second major support at $1.3626. Any deficit could be capped at the BIF of 23.6% of $1.5426.
A closer look at the 4-hour chart of XRP/USD shows that the pair is trading 78% above the 100-day SMA (0.98810). The MACD line is very bullish, despite the slight decline in prices over the past few hours. The RSI is above 60 and approaching overbought territory (OB), suggesting that XRP is in a bullish cycle and may continue for some time.
CoinShares Announces Launch of XRPExchange Traded Product
XRP could get a boost from CoinShares, which announced the launch of its XRP ETP yesterday. Europe’s largest digital asset investment company said XRP ETP will be listed on the regulated SIX Swiss Exchange under the ticker XRPL.
The news comes against the backdrop that Ripple has won some arguments in the ongoing SEC lawsuit and could help XRP recover.
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