According to CryptoPotato, XRP has experienced a notable surge, rising by 30% on the weekly chart. This unexpected rally began when buyers strongly supported the cryptocurrency at the 40 cents level, leading to a significant upward movement. The current support level is at 54 cents, with the next resistance target set at 68 cents.
After nearly two months of persistent selling pressure, the market saw a shift on July 8 when buying volume surged, indicating a bullish momentum. This resurgence in buying activity has been a key factor in the recent price action, as buyers have taken control and driven the price upwards.
Additionally, XRP holders have reasons to be optimistic due to a bullish cross on the weekly MACD. This technical indicator suggests a potential major change in price action, which could lead to a sustained uptrend for XRP. However, for this bullish trend to be confirmed, it is crucial for buyers to close this week’s candle in green.
The recent developments in XRP's price action highlight the dynamic nature of the cryptocurrency market and the potential for significant price movements based on market sentiment and technical indicators.