XRP rallied hard after bulls returned in force at the 40 cents support.
Key Support levels: $0.54
Key Resistance levels: $0.68
1. Relief Rally in Progress
XRP is up an impressive 30% on the weekly chart after an unexpected rally that took the market by surprise. Buyers came in strong at the 40 cents support, and since then, they have been dominating unchallenged. The current support is at 54 cents and the next target is at 68 cents.
2. Volume Returns
After almost two months of constant selling pressure, buyers are back with a bang. They have taken over the price action since 8 July when the momentum shifted bullish and buy volume exploded.
3. Bullish Cross on Weekly Timeframe
XRP holders have reasons to be optimistic after the weekly MACD just did a bullish cross. This can signal a major change in the price action which could see XRP return on a sustained uptrend. To confirm this, buyers have to close this week’s candle in green.
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