The crypto market appears to be bullish again as major cryptocurrencies such as Bitcoin, Ethereum, BNB and XRP recover. Thus, the market capitalization of the entire crypto market appears neutral at $1.19 trillion as bitcoin hovers at $29K.
XRP, the sixth largest cryptocurrency, maintains its position as the top weekly gainer so far. According to CoinMarketCap, the price of XRP is up 23.7% over the past seven days.
Against the USDT pair, XRP price is trading at $0.5473 at the time of writing with an intraday gain of 0.81%. Following the long-term bullish breakout on March 21 (mentioned below the chart), speculators can see an aggressive buying momentum in the crypto price.
Korea’s top three crypto exchanges saw a sudden surge in XRP coin’s trading volume as the XRP price surged by nearly 23% this week. According to Coinmarketcap, the Bithumb exchange reported a 37% increase in XRP volume over the past 24 hours, a similar 18% increase in trading volume on UpBit, and a 50% increase in volume on Korbit.
XRP price overcame 6-month resistance amid a bullish trend and registered a new 2023 high on Wednesday at $0.5850. After a longer period, investors observed price stability above the 400 simple day moving average (red).
Notably, the RSI indicator has approached the highly oversold zone as it peaked at 74 points. The MACD has also moved into the positive zone on the daily price chart.
Support levels – $0.50 and $0.41
Resistance levels – $0.58 and $0.70