The XRP price has displayed a new bullish reversal by breaking out of a negative trend pattern. Not only that, it has also managed to build a bullish momentum, resulting in it breaking out of its key resistance level of $2.32. Currently exchanging hands at $2.38, it has added 3.02% within 24 hours.
XRP Market Value Hits 7-Week High
As per the latest statistics by Santiment, a major crypto data house, XRP’s market value has reached a new 7-week high as the value exceeds the $2.39 mark today. This number was last recorded on May 23 this year.
The whales of the crypto community have also experienced a notable rise. As of today, 2,742 whales have a holding of over 1 million XRP tokens in their portfolios, according to Santiment data. These whales collectively hold about $47.3 billion worth of XRP tokens which is 33.1813% of its total market share of $142.55 billion.
XRP Price Breakout Rally Alert?
XRP has successfully regained momentum, resulting in it breaking out of its key resistance trend levels at $2.20 and $2.31. Additionally, with the ongoing market trends, the XRP price may soon retest its $2.50 mark as that is its key watch level.
It had constantly traded within a descending channel pattern for a brief period following which it recorded a bullish turnaround. This led to a breakout in the trend around 8 days ago. After this, it has formed a strong support as displayed in the chart and since then it has been recording a higher low consistently.
The Bollinger Bands (BB) are showing a widening neck, hinting at increasing volatility in the crypto market. Moreover, the price is on the path of breaching the upper band of the BB indicator, suggesting increasing bullish presence for the XRP crypto in the market.
The Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover with the average trendline (blue) moving above the signal line (orange). With the histogram recording a constant green trend, the XRP coin price may continue gaining value.
Suppose, the XRP price faces rejection at the $2.50 mark, then the chances of a retest at $2.32 and $2.20 could significantly rise. A sustained bearish action may lead to a deeper correction toward its important watch point of $2.14 in the coming time.
However, the $2.50 resistance will be a critical level to watch in the coming sessions. If the price breaks above that level, then it could head toward its $2.70 mark. In an extreme bullish outlook, the value of XRP may retest $2.8 or even $3 if the altcoin momentum intensifies.
