Bulls take over the market as after almost 3 weeks Bitcoin finally breaks above $22k, leading altcoin jerk upwards.
Market Overview
The last time Bitcoin had traded above $22k was on August 19th. Since then the Bitcoin has continuously been trading between $22k and $19k. In the meantime the average price remained $20.4k and the lowest point was $18.4k, hit on September 7th.
At the moment Bitcoin is trading at $21.2k, up 2.5% in the day and 12.2% over the week. This recent price surge has had a great effect on other altcoins. ETH, BNB, XRP, ADA, SOL, and DOT have gained value by 12%, 8%, 9%, 5%, 17% and 6%, respectively.
XRP Price Analysis
At the time of press Ripple’s native XRP is trading at $0.35, up 9.4% over the week. XRP is currently above the 4-hours 55 simple moving average. In the past 24-hours there was a break above a key bearish trend line with resistance near $0.34 on the 4-hours chart.
As for the further technical analysis, 4-hours MACD is losing momentum in the bullish zone as the coin’s RSI-Relative Strength index- stands above 50, suggesting that the coin is just slightly oversold.
Moreover, yesterday XRP crossed $0.36 for the first time since August 26th. If the Bitcoin sustains above $0.35 for a relatively longer period of time, XRP could approach $0.40 as the coin gains support at $0.35 and $0.33. On the upside, however, XRP is resisted at $0.37 and $0.39.
Notably, XRP’s recent performance is not only the manifestation of general market condition, rather, surge in On-chain activity on the Ripple network have played a significant role. Ripple’s position in the SEC lawsuit is the cause of rising investors’ interest in the coin.
The post Ripple’s XRP Gains Momentum Above the Key Support Level as Bulls Take Over the Market appeared first on Ripple Coin News.
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Author: Gracie Perez
