XRP/USD Daily Chart. Source: TradingView
Key Support Levels: $0.659, $0.609, $0.556.
Key Resistance Levels: $0.75, $0.773, $0.8.
XRP is now up by a total of around 30% over the past week as it pushed higher from $0.55 (2019 highs) to break above $0.6 and reach the current resistance at $0.70.
The cryptocurrency was trading inside a bullish wedge pattern during March but managed to close a daily candle toward the upside yesterday. Since breaking above, XRP surged higher to break above the March highs at $0.6 and reach as high as $0.74 today.
It has now dropped back toward $0.7, but the breakout of the bullish wedge has allowed the market sentiment to turn from neutral consolidation to a bullish condition.
Looking ahead, the first resistance lies at $0.75. This is followed by $0.773 (1.618 Fib Extension), $0.8, and $0.828 (2020 highs).
On the other side, the first support lies at $0.659 (.236 Fib). This is followed by $0.609 (.382 Fib), $0.556 (2019 Highs), $0.528 (.618 Fib), and $0.5.
The RSI is now approaching overbought conditions but still has room to allow the market to continue much higher.
Key Support Levels: 1200, 1100 SAT, 1000 SAT.
Key Resistance Levels: 1245 SAT, 1345 SAT, 1422 SAT.
XRP is also performing very well against Bitcoin after breaking toward the upside of an ascending triangle pattern. The cryptocurrency was trading inside this pattern since mi-March with the roof of the triangle at around 1050 SAT.
The breakout occurred yesterday as XRP surged above 1000 SAT to reach as high as 1100 SAT. It continued further today to break past the December 2017 lows at 1200 SAT, and reach the current resistance at 1245 SAT (1.414 Fib Extension).
Looking ahead, the first resistance lies at 1245 SAT. This is followed by 1345 SAT (mid-March highs), 1422 SAT (1.272 Fib Extension), 1500 SAT (bearish .236 Fib), and 1550 SAT (Nov 2020 lows).
On the other side, the first support lies at 1200 SAT. This is followed by 1100 SAT, 1000 SAT, 900 SAT, 867 SAT, and 800 SAT.
Likewise, the daily RSI is in overbought conditions but still has room for the momentum to push higher before becoming extremely overbought.
