Why is the Ripple (XRP) Price Up Today?-May 2024-www.financetom.com

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Why is the Ripple (XRP) Price Up Today?

Aug 12, 2024 7:55 AM

Despite an uneventful weekend, XRP started Monday in green.

Key Support levels: $0.54

Key Resistance levels: $0.68

1. Price Find Support

After a roller coaster volatility, XRPs price finally found good support at 54 cents and it seems buyers are again interested in taking this cryptocurrency higher. If successful, the current target and resistance is found at 68 cents.

Chart by TradingView

2. Buyers Return

If over the weekend buyers were absent, they appear to have returned today with the price rallying by 4% from the key support. If this buy volume continues, sentiment could soon turn bullish again to see XRP attempt a sustained rally.

Chart by TradingView

3. Weekly MACD Remains Bullish

Even if the past few weeks were extremely volatile, the weekly MACD histogram made a higher high today which gives hopes of a sustained rally in the days and weeks to come. If confirmed, the current resistance at 68 cents will likely be put under pressure soon.

Chart by TradingView

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