Most cryptocurrencies are trading broadly higher on Wednesday as renewed optimism keeps sentiment elevated. XRP surges sharply today, testing the $0.746 level during today’s trading session. At the time of writing, XRP was trading at $0.730, up by 15.42% on a 24-hour basis and 33.12% weekly. Ranking 6th largest, XRP present market capitalization stands at $31.82 billion and $3.03 billion in traded volume over 24 hours. Ripple’s first On-Demand Liquidity (ODL) service implementation goes live in Japan, setting the stage to drive more adoption of crypto-enabled services in the region. Zooming out, the launch of the ODL is part of Ripple’s explosive growth in the larger Asia-Pacific (APAC) region. The Asia Pacific remains one of the fastest-growing regions for Ripple with transactions growing 130% year-over-year.
Key Levels
Resistance Levels: $1.1460, $0.9000, $0.7707
Support Levels: $0.5450, $0.4799, $0.4000
XRP/USD Daily ChartFresh bulls came ticks ahead of $0.60 and turned the focus towards the $0.75 level, with firmly bullish studies on larger timeframes being supportive. Noteworthy that the XRP price has been climbing higher since July 21 after hitting support at $0.581. The RSI is reflecting the current bullish move, having entered the positive territory above 60. Technically, XRP/USD is worth a watch in the coming trading sessions.
Break of the MA 200 barrier at $0.763 may be the first sign that the corrective pattern from 19 May has reneged. We might then see the XRP/USD pair accelerate upwards to $1.10 and then $1.29 level next. Close above $1.29 would generate a bullish signal which might target attack at the $1.98 yearly high. Shallow correction is expected due to improved sentiment, with dips to be ideally contained at $0.51-$0.60 zone and provide better levels to re-enter the market.
XRP/USD 4-Hour ChartTechnical indicators suggest buying signals on the 4-hour chart, with the RSI peaking above the 70 overbought levels. Most likely, bullish traders are likely to pressure the XRP/USD higher during the following trading sessions. However overbought conditions may produce headwinds and pause bulls for price adjustment. On the upside, the barrier at $0.81 could provide resistance for the XRP/USD pair ahead of the $1.10, $1.29, and $1.78 yearly high in the coming sessions.
Alternatively, immediate support is envisaged at a $0.67 level. The moving averages 50 and 200 at $0.625 and $0.602 respectively are expected to act as main support. Further dips may test support at $0.56 ahead of the $0.51 low. To summarize, the XRP/USD pair remains well bid above the 4-hour moving averages as the oscillators like the Relative Strength Index (RSI) have surged to the highest level in weeks. While the XRP pair may keep rising, a short pullback cannot be ruled out as some bulls take profit.
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