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XRP Price Analysis: Strong Buying Pushes XRP/USD to $1.42 High, Investors’ Interest in XRP Futures Reach Highest Levels

XRP/USD

Optimism returns to the market as selected tokens stage impressive performances. A breakout on XRP amid strong buying pushes its price to fresh yearly highs of $1.42. XRP has now recouped all losses after its massive declines to $0.168 in late December 2020 amid SEC’s lawsuit. At a present price of $1.31, XRP has gained 22.78% in the last 24 hours and 104.93% weekly. With a present market cap of $54.34 billion and $21.7 billion in trade volume over the last 24 hours, XRP has reclaimed the 4th spot in the market valuation ranking. Investors’ interest in XRP futures trading surged as open interest reached $1.2 billion, a new all-time high as of Friday trading. On Apr. 6, Ripple Labs was granted access to the SEC’s documents “expressing the agency’s interpretation or views” on the subject of crypto assets. This positive news caused XRP prices to rally and also boosted XRP derivatives market growth.

*A breakout on XRP amid strong buying pushes its price to yearly highs of $1.42
*At a present price of $1.31, XRP has gained 22.78% in the last 24 hours and 104.93% weekly
*Open interest reached $1.2 billion, a new all-time high as of Friday trading

Key Levels
Resistance Levels: $0.8290, $0.7707, $0.6751
Support Levels: $0.5507, $0.5000, $0.4000

XRP/USD Daily Chart: Bullish

XRP/USD Daily Chart

XRP resolved a bullish pennant formation on the upside, strengthening its current uptrend to a fresh yearly high at $1.42. The short-term technical structure has turned positive and the upward-sloping RSI is yet to confirm overbought conditions at 76 reading. A sustained break above $1.42 will generate a strong bullish signal for extension toward the next targets of $1.61 and then $2.

Conversely if selling pressure surfaces, immediate support is gradually forming at the $0.96 level. In cases of extended declines, extra support lies at the base of the previous consolidation range at $0.77 to $0.96 while XRP may return to sideways trading. XRP technical structure has a history of a decent consolidation phase. However, the strong MA 50 support at $0.57 may put a lid on further losses if declines persist.

XRP/USD 4-Hour Chart: Bullish

XRP/USD 4-Hour Chart

Fresh rally emerged from a brief consolidation between the $0.78 to $0.97 range on Saturday. Volatility has increased since April 4 after XRP ended its multi-month consolidation below $0.60. If the positive bias continues above $1.42, the XRP price could first meet resistance at $1.61. Surmounting these, XRP/USD pair could then start the next leg of the rally with target objectives of $2 and its all-time high at $3.30.

On the flip side, if the bears take the upper hand, immediate support is coming from the $0.97. Extra support can be found at the MA 50 ($0.86) ahead of the $0.84 low registered on April 7. If selling pressures persist, support awaits at $0.79 (April 5 low). XRP/USD is expected to show continued bullish pressures as long as the pair remains above the MA 50 at $0.865.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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