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XRP Skyrockets 10%, Here's Next Major Target to Watch

source-logo  u.today 21 April 2024 16:42, UTC

XRP has skyrocketed by more than 1.83% in the past 24 hours as it has also joined the bullish recovery now engulfing the broader market. According to data from CoinMarketCap, this daily surge has helped extend the growth in the trailing seven-day period to 10.4% as XRP traded from a low of $0.47 to a high of $0.5366.

The XRP growth has kept the community in limbo for so long. The $0.528 price point has marked the coin’s mild support and resistance zone overnight. The coin’s price has breached this level in its recovery push and has now flipped it as its support.

The XRP relative strength index (RSI) reads 42, showing the coin is gradually wriggling from its oversold region as this indicator rebounded from a low of 28 about a week ago. Per the XRP daily chart, the Moving Average Convergence Divergence (MACD) shows a bullish crossover is just around the corner.

These indicators prove there is a revived bullish sentiment in the XRP ecosystem. This sentiment can help send the price toward the $0.6 price point, a target that has formed a major resistance since April 12.

XRP difference and strength

In its bid to chart a revival course, XRP relies on its community, despite its relatively slower growth pace compared to other digital currencies in the ecosystem. One major difference with XRP is that it boasts a latent surge, one that it has been waiting to unleash since the latest bull market cycle that saw Bitcoin top $73,000.

A major strength attributed to the coin is its resilience overall. Despite the Ripple v. SEC lawsuit that has been hanging over it since December 2020, XRP has managed to stay in the top 10 largest digital currencies by market cap even though newer coins like Solana (SOL) outranked it recently.