As the company behind XRP, Ripple, defends itself against SEC accusations, the crypto continues to evolve. Despite the price collapse in the markets in general, XRP is making a difference and is positioning itself on the upside. XRP price was seen to challenge a sell signal on its 12-hour chart. And recently, it has seen a 50% jump.
XRP, stronger?
The price of XRP rose by 50%, making the crypto the big winner over the past week. This significant rebound comes after a sharp drop to $0.47 on September 24. On Sunday, XRP was up 2.43% in the past 24 hours. The increase was 32.96% over the last week. Meanwhile, other cryptocurrencies were recording losses.
Traders are getting excited about XRP. The whales are making the appropriate moves for a rise in crypto value. On September 23, XRP hit intraday highs of $0.55. It therefore broke through the daily MA 200 barrier by $0.48.
It looks like the bulls will try to make the $0.48 level a support for XRP. This situation could lead to a bullish pennant (continuation chart pattern formed after strong moves). The pennant is a kind of pause that buyers or sellers take after a strong upward or downward movement.
There may be a short-term consolidation or slight correction in XRP. It so happens that the daily RSI for the crypto is currently around 70 overbought. Next, the price of XRP could go down to $0.41 or go up to $0.55 targeting $0.66.
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