The Twitter user Cryptoes (@cryptotoes_ta) tweeted this morning that the price of the remittance token, Ripple (XRP), has recently closed above a significant price level. According to the tweet, the daily close for XRP has closed above a key price level and may continue to rise in the upcoming days.
The tweet added that XRP’s price will push right above the next resistance level around $0.53 if this level holds.
At press time, the price of XRP stands at $0.5105 according to CoinMarketCap. This comes after the altcoin’s price climbed 0.32% over the last 24 hours. This 24-hour gain has added to the crypto’s already-positive weekly performance. As a result, the weekly price gain for XRP stands at +1.12% presently.
XRP’s price did, however, weaken against the two crypto leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.47% and 0.67% respectively. The daily trading volume for Ripple also dropped in the last 24 hours by around 25.04%. As a result, the daily trading volume for XRP is currently $820,345,203.
There is a bearish triangle chart pattern present on XRP’s daily chart at press time after the remittance token’s price printed lower highs in the last week.
Fortunately for XRP traders and holders, the altcoin’s price has broken out of the chart pattern in today’s trading session. Should XRP’s price close today’s trading session above this pattern then the bearishness suggested by the pattern will be invalidated and XRP’s price will likely make a move towards $0.5358 in the next 24-48 hours.
The daily RSI indicator does, however, suggest that there is an overwhelming amount of sell volume present on XRP’s charts, with the daily RSI line trading below the RSI SMA line. Furthermore, the daily RSI line is sloped negatively towards oversold territory.
Traders may want to wait for a bullish cross between the daily RSI and daily RSI SMA line before entering into a long position for XRP.
This article was originally published by Crypto News.
