BREAKING: XRP price rallies to $0.50!

XRP price has tagged the $0.50 barrier,
The bulls have rallied 50% this week,
The RSI is now in extremely over bought territory

Tony M.FXStreet Contributor

Ripple’s XRP price has rallied 30% in the last 24 hours, bringing the weekly gains to 50%. The bulls have pulled off an impressive impulsive wave breaching through a previous triangle consolidation in May. The uptrend move could be much more than just a countertrend rally. A corrective structure following the rally will give more clues as to what may happen next.

XRP price currently auctions at $0.48 as the profit-taking consolidation occurs on smaller time frames. The bulls have successfully marked a high at $0.50 while the RSI has breached extremely overbought terrain. If market conditions persist, a rally towards support zones at $0.56 and $0.61 could occur in the coming days.

XRP USDT 2-Hour Chsrt

Author

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

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