Ripple’s XRP Added More Than 20%

Ripple’s XRP added more than 20% during the last 7 days and almost 12% during the last 24 hours alone, currently trading at 0.38 against the US Dollar. The rally begun after a false break of the key support level at 0.30, which triggered a sharp rise and a break of the resistance zone between 0.33 and 0.35.

That previous resistance has now turned into support, so we can expect it to stop falling prices in the future but the immediate target for now is 0.40, which is both a confirmed technical resistance as well as a psychological level.

If the pair goes straight into 0.40, we can expect a bearish correction there, mainly because price increased rapidly in a short amount of time and the pair is now overextended. This is also indicated by the position of the Relative Strength Index, which has crossed its 70 level twice, indicating overbought.

Support zone: 0.33 – 0.35
Resistance zone: 0.40
Most likely scenario: move into 0.40 followed by shallow retracement or sideways movement
Alternate scenario: drop into support