The last few days saw Bitcoin defending the support barrier at $20.8K before a swift upsurge to around $23.8K during this publication. The $20K value area represented crucial support, and bears failed to breach it even with massive threats.
Meanwhile, the upside triggered bullish reactions in the altcoin market. XRP was among the alts that saw impressive runs over the past few days. The remittance token traded below a resistance zone during this publication, but XRP witnessed stable demand over the last couple of weeks.
Ripple 1 Day Timeframe
XRP exhibited massive bearishness on its higher charts. The alternative token has lost 58% within four months. Ripple had seen persisted downtrends but mid-June sessions saw the crypto breaching previous lower peaks of the decline at $0.368.
XRP has not progressed much from this region, but last month’s sessions saw it defending the demand zone at $0.31 – $0.32. Furthermore, buyers forced an upsurge towards the resistance level at $0.37.
That indicated that the alt could overturn $0.37 to support in the coming weeks or one month before establishing a range. We can conclude that XRP hovered between $0.36 – $0.31 since mid-June. It seemed ready for a breakout while publishing this content.
Reasoning
What was it, breakout beyond $0.37 or resistance around range highs? The daily chart’s on-balance volume and Relative Strength Index presented some signals. The RSI climbed beyond the 50-neutral and steadied beyond 45.
The latest upward move from $0.33 had the Relative Strength Index climbing to 59, indicating a substantial bullish strength. Moreover, the RSI beyond the neutral-50 also confirmed a progressing uptrend.
The Stochastic Relative Strength Index also surged toward the overbought region, another minor signal of upside momentum. Besides that, from the Stochastic RSI, the on-balance volume created higher lows over the last few months. Moreover, the OBV overcame the resistance from May within the past few days.
Final Thought
The daily RSI and OBV indicated a possible upside continuation for XRP. Uptrends will encounter resistance at $0.42 and $0.45. investors can use the $0.37 retest as demand to purchase XRP in the near term, placing a stop-loss beneath $0.36.
