Why is the Ripple (XRP) Price Up Today?
After buyers confirmed the support at 54 cents, XRP returned on an uptrend. In the following, we take a look at a few technical indicators that might provide some insights into why the XRP price is up today.
Key Support levels: $0.54
Key Resistance levels: $0.60, $0.68
1. Buyers Successfully Defend Key Support
This past week, sellers attempted to stop XRP’s rally and pushed the price back on the support at 54 cents. However, buyers were not fazed and they managed to regain control of the price action which is now back on an uptrend.
2. Higher Low Confirms Uptrend
Since the price was well defended at 54 cents, XRP made a higher low. If the trend continues, this should be followed by a higher high which has as targets 60 and 68 cents.
3. Bullish Reversal on Weekly RSI
The weekly RSI has made an inverted head and shoulders reversal pattern, which could soon see it break above 50 points. If that happens, then the price may continue its uptrend and aim to reach 60 cents next.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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