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Ripple Technical Analysis: XRP/USD finally gets its own breakout but remains weaker

  • XRP had a decent breakout above $0.24 following the steps of Bitcoin and others.
  • XRP price got rejected at $0.244 and couldn’t stay above $0.24.
Ripple Technical Analysis: XRP/USD finally gets its own breakout but remains weaker
Lorenzo StroeLorenzo StroeIndependent Analyst

XRP has finally got a breakout of its own beating $0.235, a resistance level established on April 30. This puts XRP in a clear and strong uptrend but the digital asset is not out of the woods just yet. The 2020-high is miles away at $0.346 while top coins like Ethereum and Bitcoin have already broken their 2020-highs. 

XRP/USD daily chart

XRPUSD

The daily uptrend is definitely good news for XRP holders but there are still many resistance levels to beat until $0.34. The next point is $0.246 and ultimately $0.25 but the RSI and other indicators are already quite overextended. Bulls will then face the resistance level at $0.285, $0.309, and finally $0.346. 

While the bullish momentum is strong, XRP would need to sustain this rally for the next few months if it wants to see a new 2020-high.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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