A huge influx of volume in the past hours!
The XRP Price which maintained a steady momentum jumped massively in the past couple of hours. The trade for the day began with major crypto assets attempting very hard to sustain the trembling position, whereas XRP stood above all comfortably marking 45% profit.
XRP Price Analysis
XRP reached a high of $0.72 early Monday, the highest level since February 2, and was last seen trading around $0.868 According to Coingecko, the third-largest cryptocurrency by market value has gained 25.8% in the last 24 hours.
At 08:55 UTC on Tuesday (April 6), on crypto exchange Bitstamp, the XRP price reached an intraday high of $1.01307. This is the highest price XRP has seen in 1,128 days.
During the increase, there was a break above a couple of bullish continuation patterns at $0.6000 and $0.7180 on the 4-hours chart of the XRP/USD pair. The pair even cleared the $0.8000 and $0.9000 resistance levels. A new multiweek high is formed near $0.9443.
- 4-Hours MACD – The XRP/USD is in the bullish zone.
- 4-Hours RSI (Relative Strength Index) – The RSI is now in the overbought zone.
- Major Support Levels – $0.8550, $0.8000, and $0.7500.
- Major Resistance Levels – $0.7250, $0.7500, and $0.8000.
Reason Behind Sudden Surge !
The Ripple price has been resilient even after the SEC lawsuit that culminated in many exchanges like Coinbase and Binance suspending the XRP token. Analysts believe that the lawsuit will have no major impact on XRP, which is now decentralized and independent from Ripple Labs. Indeed, in an interview with CNN, the company’s CEO said:
“We could do that. We’ve always thought about our product as ‘How do we solve a customer’s problem first and foremost?’ And I think that has served our growth. It’s a reason why we have seen so much activity now, billions and billions of dollars of transactions across Ripplenet, our network for payments”.