The broader cryptocurrency market, including XRP, saw a jump in market capitalization over the weekend, confirming the rally that began in August. XRP has increased by about 20% in the last week and by more than 80% in the last month.
After rising as high as $1.40, XRP has finally smashed the August high of $1.36. The currency peaked at $1.36 in mid-August and began to fall from there, forming a symmetrical triangle.
At the beginning of September, the triangle was eventually broken as XRP began to climb inside an ascending price channel. Over the weekend, XRP found support at $1.25 and surged from there Tuesday to break $1.30.
Now, the first resistance level in the near future is $1.40. Following that are $1.50, and $1.54. In case of an extended rally $1.62 will come to play.
However in case of a downtrend, the first support is at $1.36. Subsequently $1.25, $1.20 are the next levels.
Bullish Predictions for XRP Price!
Popular crypto analyst Micheal Van de Poppe in a recent YouTube Video made bullish predictions for XRP Price action.
The analyst says,
“We do know we’re creating higher lows, but you actually want to break this high (0.000038 BTC) and create a new higher high through which targeting a level 0.00006 BTC ($3.00) is pretty likely to be taking place.”
Additionally there are more factors supporting the coin’s rally. The exchange of Japanese e-commerce behemoth Rakuten is slated to begin XRP trading on September 8.
Meanwhile, the XRP army has kept traders and investors up to date on the SEC’s rulings and motions, leading an army of supporters to ensure that the altcoin is featured in mainstream media on a regular basis.