Lorenzo Stroe
Independent Analyst
- XRP is trading at $0.253 after a 4.5% price increase in the past 24 hours.
- Similar to other cryptocurrencies, the cross-border payments giant had a spike thanks to PayPal.
It seemed that XRP was left behind as Bitcoin continued climbing towards and above $12,000. However, in the past 24 hours, the digital asset has risen from $0.242 to a high of $0.255. More importantly, it seems that the price is close to a critical resistance level.
If XRP cracks this significant level, it can jump 15%
It seems that XRP formed an ascending triangle on the daily chart and the price is close to the upper boundary. Bulls have already conquered the 50-SMA on the daily chart, turning the moving average into a support level.
XRP/USD daily chart
-637389056453921844.png)
The 100-SMA is the next price target as bulls hope to close above it. The MACD is inches away from turning bullish again as XRP approaches the critical resistance level at $0.26. A breakout above this level can easily drive the price of the digital asset towards $0.3.
XRP/USD 4-hour chart
-637389056578460987.png)
On the 4-hour chart, XRP has crossed above the 200-SMA, 100-SMA, and 50-SMA, turning all three moving averages into support levels. The MACD remained bullish since the re-test of the lower boundary on October 16. There are no resistance levels until the upper trendline of the daily pattern at $0.26.
XRP/USD 12-hour chart
-637389056696124709.png)
On the other hand, the 12-hour chart shows a strong resistance point at $0.255 where the 200-SMA stands. So far, the price has been rejected from this level and could turn the MACD bearish again. The next price target for the bears would be where the 100-SMA and the 50-SMA coincide at $0.245.
Critical price levels to keep in mind
A bullish breakout above the upper boundary of the ascending triangle pattern formed on the daily chart at $0.26 can drive XRP towards $0.3. On the flip side, the rejection from the 200-SMA on the 12-hour chart can push the digital asset down to $0.245.
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