Ripple ($XRP ) Price Analysis
Ripple (XRP) surged over the weekend, touching $0.50 on Saturday as bulls continue to push prices higher.
XRP has had an extremely strong week, with the asset surging more than 25% over the past week, outperforming nearly all other major cryptocurrencies.
XRP’s recent gains have pushed the asset past key resistance levels at $0.44, $0.46, $0.48, and $0.50.
The cryptocurrency saw a massive surge on Friday, rising 5.63% to break above its 20-day moving average and close at $0.47.
On Saturday, XRP surged nearly 11% as buyers pushed prices towards $0.50. The bullish sentiment was so strong that XRP hit a daily high of $0.56 before closing at $0.52 as sellers were active near its 200-day moving average.
Sellers were able to push XRP lower on Sunday, with the asset facing considerable volatility before falling just over 1%. XRP is up just over 2% on the current trading day as buyers look to retest the $0.54 resistance level.
As mentioned earlier, XRP faces significant resistance at the 200-day SMA, which is a huge barrier that is difficult to overcome. XRP tested this resistance level on Saturday but pulled back after facing significant selling pressure.
However, as XRP consolidates above $0.50, it could test this level again. If XRP is able to break above this level, we could see it push towards the next significant resistance level at $0.60.
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