XRP surged to intraday highs at $0.60 on Binance before calming down towards initial support at $0.57
XRP price surged more than 15% to reach a 30-day high at $0.60. The move saw the seventh-ranked cryptocurrency steal the show among the top ten cryptocurrencies as an asset with double-digit gains. The other is THETA which climbed 20% to break into the top ten by market capitalization.
Bitcoin and Ethereum also pared recent gains with BTC/USD trading around $54,650 and ETH/USD near $1,700.
The bullish bid for XRP is followed by an increase in calls by its holders (known as the XRP army) to exchanges that have canceled or suspended trading to reinstate the cryptocurrency.
hashtag “RelistXRP” It was one of the trending topics for the better part of Monday in the Netherlands, the UK, Australia and the US.
The calls for this come on the heels of recent comments made by Securities and Exchange Commission attorney Jorge Tenrero, who stated that the SEC against Ripple Aimed at Ripple CEOs for violating US securities laws.
At the time of writing, XRP/USD is trading around $0.57, with the bulls facing increasing pressure likely to impede the fresh move above $0.60.
XRP Price Predictions
The XRP/USD pair surged past the $0.48 resistance line on March 20, and reached $0.56 before profit taking saw it reach a daily close at $0.52. Renewed selling over the weekend threatened to send prices lower, as XRP price touched a low of $0.48.
However, the past 48 hours have seen increasing pressure on the buying side, with the bulls responsible for breaking the $0.52 resistance and reaching $0.60 for the first time since Feb 23.
As the daily chart shows, buying pressure caused the XRP/USD pair to break through a major resistance line. However, the bears were busy and prices returned below the resistance at $0.60.
The technical picture shows that the bulls are still in control. XRP/USD is above the 20-day exponential moving average, while the daily RSI is rising towards the overbought territory.
The MACD is also in the bullish zone, which indicates the momentum of the upward trend.
If buyers forge a new uptrend, momentum is likely to push XRP above the trend line. The next resistance is expected at $0.65, which is likely to bring further gains at $0.79 into focus. From here, there is a possibility that XRP/USD will target the coveted $1.00 level.
On the downside, XRP/USD is likely to break sideways trading between $0.57 and $0.51. The $0.50 level provides important support, but the price could drop to the 20-day moving average ($0.48) and the ascending trend line support at $0.45. Beyond that, the key support area will be near $0.34.