XRP Powers Through $1.7 Support: Can The Bulls Sustain The Momentum?
XRP has broken past the $1.7 level, signaling a renewed push by the bulls to dominate the market. This critical move has sparked excitement among traders, fueling speculation about its capability for further gains. As momentum builds, the spotlight shifts to whether the altcoin can sustain this strength and continue its upward trajectory.
This article examines XRP’s surge above the $1.7 resistance, exploring the factors bolstering its bullish momentum. It assesses the cryptocurrency’s potential for continued growth, considering technical indicators, resistance levels, and market trends to determine whether the rally can be sustained or if a reversal is imminent.
Analyzing The Break Above $1.7 Resistance
On the 4-hour chart, XRP is pushing to extend its gains toward its next resistance level of $1.9, maintaining a solid position above the $1.7 support level and the 100-day Simple Moving Average (SMA). Staying above these key levels underscores its strength and signals the potential for continued upward movement. As long as the asset maintains this strength, the next target will likely be higher resistance levels, driving the price even more toward $ 1.9 and beyond.
The 4-hour Relative Strength Index (RSI) at 80% indicates strong positive movement for the altcoin, signaling sustained buying pressure. While this suggests continued demand, the RSI approaching the overbought zone means traders will closely monitor for any signs of overextension or pullbacks, which could lead to a short-term correction before the rally resumes.
XRP is showing continued upward momentum on the daily timeframe after breaking through the key $1.7 resistance level and holding above the 100-day SMA as it advances to the $1.9 mark. This solid performance underscores sustained bullish strength, suggesting that the token is well-positioned for additional price growth. The 100-day SMA reinforces the possibility of continued upward movement.
Furthermore, the daily RSI has increased to 89%, well above the 50% threshold, reflecting strong upbeat strength for the asset. Significantly, this implies upside pressure and sustained buying activity, with no signs of slowing down. While entering the overbought zone, the RSI highlights the rally’s intensity, implying a persistent rise, though traders will remain cautious for possible corrections.
Price Outlook: Can XRP Secure Long-Term Momentum Above $1.7?
XRP’s price outlook is closely tied to its ability to hold above the $1.7 level. Staying above this support could provide a strong foundation for an extended upside, with the next target being its all-time high of $1.9. A successful breakout above this level could open the door to new record highs.
However, if the cryptocurrency reaches the $1.9 level and fails to break through, a pullback to the $1.7 support is likely. Furthermore, a break below this support could lead to further losses, with the $1.3 level as the next target, potentially followed by even lower levels.
Featured image from Adobe Stock, chart from Tradingview.com
