It’s been a great start to the week, bitcoin finally made a decisive move trading above $66k. The Largest altcoin, Ethereum Hit New ATH at $4,800 while major altcoins follow the suit. XRP Price was the top performer from the major altcoins, with a gain of over 9%.
In the past 24 hours, XRP/USD has been trading between $1.2192 to $1.2774, with less volatility during that time period. The market cap has increased by 14.63% and now stands at $2.7 billion, putting XRP in 7th position.
XRP Price Eyeing More Than 30% Surge
XRP price is now trading above $1.20. There was a spike above the $1.25 level. The altcoin price is now consolidating gains after forming a high near $1.276
On November 2, XRP price breached the pattern’s upper trend line and has rallied 19% since then. However, a continuation of the rally will take XRP to the range of $1.31 to $1.41.
As per the symmetrical triangle pattern on the daily chart, XRP appears ready for a massive breakout. On the upside, an initial hurdle is near the $1.276 level. The next key resistance is near the $1.28 level, above which the price could test $1.30. Any more gains could lead the price towards the $1.35 level.
However, if XRP price fails to slice and close above $1.27, Ripple could continue consolidating as it falls back, trending sideways for a few days. The first major support is near the $1.22 level. The next major support is near the $1.18 level.
On the 4-hour chart of XRP/USD, moving averages along with the MACD are showing a strong bullish bias. Although, the momentum indicator points to some interest among sellers.