XRP raced to intraday highs of $0.60 on Binance before cooling off towards initial support at $0.57
XRP price surged more than 15% to reach a 30-day high of $0.60. The move saw the 7th ranked crypto steal the show among the top ten cryptocurrencies as one of the two assets with double-digit gains. The other is THETA that has surged 20% to break into the top 10 by market cap.
Both Bitcoin and Ethereum have also pared recent gains with BTC/USD trading around $54,650 and ETH/USD near $1,700.
The bullish view for XRP price follows increased calls by holders (better known as the XRP Army) for exchanges that delisted or halted trading to relist the cryptocurrency.
The hashtag “RelistXRP” was a top trending topic for the better part of Monday in the Netherlands, the UK, Australia, and the US.
Calls to this effect follow recent comments by SEC attorney Jorge Tenreiro, who mentioned that the SEC vs. Ripple lawsuit targets top Ripple executives for violating US securities laws.
At the time of writing, XRP/USD was changing hands around $0.57, with bulls facing increased pressure that’s likely to derail the fresh move above $0.60.
XRP price outlook
XRP/USD surged past the $0.48 resistance line on 20 March, touching highs of $0.56 before profit booking saw it reach a daily close of $0.52. Renewed selling over the weekend threatened to send prices lower, with XRP prices touching lows of $0.48.
The last 48 hours have however seen increased buy-side pressure, with bulls taking charge to push past the $0.52 resistance and reach $0.60 for the first time since 23 February.
As the daily chart shows, buying pressure saw the XRP/USD pair break through a key overhead resistance line. However, bears have been busy and prices are back beneath the resistance at $0.60.
The technical picture shows that bulls remain in control. XRP/USD is above the 20-day exponential moving average, while the daily RSI is upsloping towards the overbought territory.
The MACD is also in the bullish zone, indicating a strengthening of the upside impetus.
If buyers fashion a fresh upside, momentum is likely to catapult XRP above the trend line. The next resistance would be expected at $0.65, with further gains likely to bring $0.79 into focus. From here, there’s potential for XRP/USD to target the coveted $1.00 level.
On the downside, XRP/USD is likely to break into sideways trading between $0.57 and $0.51. The $0.50 level provides critical support, but prices could dip to the 20-day EMA ($0.48) and an ascending trend line support at $0.45. Beyond this, the main support zone would be near $0.34.