thecryptobasic.com
$XRP has spiked 39% over the past seven days, securing a spot among the top 5 gainers as its price reclaims a 3-month peak.
The broader crypto market has maintained the recovery push that began at the start of this week, and $XRP appears to be taking advantage of the rally more than most. For context, the global crypto market cap (TOTAL) has added $440 billion since Monday, Aug. 17.
Amid the upsurge, $XRP delivered its best performance so far this year, as its market cap spiked by nearly $24 billion to $86.82 billion within just three days. This comes as $XRP’s price rallies by more than 33% on the weekly timeframe.
$XRP Ranks Among Top 5 Gainers
Notably, this places $XRP among the top 5 gainers over the past week, according to data provided by CoinMarketCap. Specifically, Ethena (ENA) tops this exclusive list with nearly 64% gains on the weekly timeframe.
Meanwhile, SPX6900 ($SPX) sits second on the list, with weekly gains exceeding 41%. The third position is secured by $XRP, which has recorded a 39.70% rise over the past week. Pump.fun (PUMP), the native token of the DeFi project of the same name, follows closely with a 37% increase.
Interestingly, on the daily timeframe, $XRP also sits among the top 5 gainers, securing third after rising 20.49%. Further data from CoinMarketCap confirms that $XRP remains the largest gainer on both the daily and weekly timeframes among the top 50 tokens.
$XRP Reclaims 3-Month Peak of $1.4
This rally has since helped $XRP reclaim the $1.40 level for the first time in three months. The last time $XRP saw this price region was in mid-May, when its price collapsed from the $1.54 peak and slipped into a free-fall phase toward the $1.05 low in early June.
With the price currently trading at $1.41, $XRP has also reclaimed its 20-week exponential moving average (EMA), one of two key moving averages that could dictate $XRP’s next price direction from here.
A previous report from The Crypto Basic identified the 20-week EMA and the 50-week EMA as the two important MAs that $XRP must breach to flip its momentum bullish. $XRP has now recovered above the 20-week EMA, with its eyes now set on the 50-week moving average at $1.5417.
At the current price of $1.4140, $XRP needs to only rally by an additional 9% to breach the 50-week EMA. However, on the daily chart, the crypto asset could face strict resistance at the Pivot Point’s R3 area, which stands around $1.4895, on the way to the 50-week EMA.
$XRP’s daily RSI has spiked to 84. While this shows that bulls have reclaimed control of the market in the short term, it also indicates that the rally could be getting overstretched. If $XRP faces exhaustion and a pullback from here, it could attempt to find immediate support around the R3 mark at $1.39.