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XRP has had a hectic week. A robust market rally began around $1.09 and propelled XRP to multi-month highs of $1.41, resulting in an almost 30% increase in value. Due to underlying buying demand, the price is likely to rise over $1.60 after the end of a brief decline.
Meanwhile, external factors such as the current SEC litigation and whale activity have threatened to derail this positive picture. XRP was trading at $1.29 at the time of writing, down 3.5 percent in the previous 24 hours.
XRP Daily Chart
XRP was making headway towards its mid-long term target of $1.60. A symmetrical triangle breakout backed by strong volumes allowed XRP to touch the $1.41-mark for the first time in nearly four months. After a breakout, a healthy correction usually follows before the next leg upwards and such was the case with XRP.
An immediate defensive option lay at $1.20-$1.25 – A region backed by the daily 20-SMA (red). Finding support within this zone could result in near-term sideways movement as volatility eases in the market. Once the next upcycle is initiated, levels such as $1.40 and $1.60 would be under the radar.
For the time being, XRP’s indicators were above safe zones. The RSI remained over 45-50, which is typical when buyers sustain an overall rally. Similarly, the MACD traded over its half-line, indicating a degree of market equilibrium based on the characteristics of its fast-moving and Signal lines.
A reading like this reinforced assumptions of some sideways movement as either side attempted to re-energize momentum. Meanwhile, the Supertrend indicator indicated a buy signal with a stop-loss of $1.07. Short sellers could emerge as a result of the same.
The trend of XRP appeared to be favourable in the following weeks. The indications remained optimistic even as the price of XRP approached a couple key support levels. Near-term dangers were probable if the market closed below $1.20, whereas Whale activity could have an impact on the longer-term narrative.
In either situation, traders must exercise caution and wait to see how the market unfolds before establishing a position.