The cryptocurrency market returned to the bullish track and experienced a significant recovery this week. Along with the BTC and ETH, Ripple (XRP) was sharply lifted from its lows of $0.4000.
A bear trap formation was noted at the bottom, and the XRP price uplifted over 40% and rose beyond the key hurdle of $0.6000. It has escaped a three-month consolidation phase and was set for a massive rally ahead.
Some of the factors associated with the recent price surge may be the hope of early settlement of the legal battle between Ripple and the SEC.
XRP Price at Press Time
At press time, the Ripple (XRP) was trading at $0.616 with an intraday surge of 12.36%, reflecting neutrality on the charts. It was ranked at 6 and exhibited a demand surge in the last few trading sessions.
The pair of XRP/BTC was at 0.00000944 BTC, and the market cap was $34.39 Billion. Analysts were bullish and suggested that the XRP price may continue to rise and reach the mark of $0.700 soon.
XRP’s Bull Rally Begins
The price action signaled a range breakout and climbed above the key moving averages in a single go. Backed by the volume support and whale accumulation, XRP witnessed a sharp follow-on recovery from its lows of $0.4000.
The relative strength index curve skyrocketed to 72, which looked overbought at press time. A minute dip and profit booking might be possible while it cools off ahead.
Per the Fibonacci levels, XRP price has crossed a cluster of 23.6% and comfortably sits above the 38.2% zone, gaining bullish momentum.
According to the tweet published by Santiment, the XRP rise has fueled by the optimization of the holding levels by whales with 100k+ XRP coins.
Moreover, Michael, in his post, said that XRP is ready for a symmetrical triangle breakout and could skyrocket ahead.
Interestingly, XRP saw a sharp volume-based buying and crossed multiple clusters this week, favoring the continuous upward movement ahead.
After an extended underperformance, XRP bulls finally tightened their grip and sat on the front seat to drive the bullish wave aggressively. Further upside could unlocked once it decisively breaks and closes above the $0.700.
Surge In Popularity
On the social front, investors have been eager to know the reasons behind the price pump and have become active on social media platforms. It resulted in a significant spike in the social dominance data, which rose by over 23% in the past 48 hours.
Its development activity data witnessed a sharp uptick and rose over 34% last month, reaching 23.4. It conveyed the significant attribution by the developers to grow the ecosystem.
Total Liquidations Chart
This week, the price rise has impacted the sellers’ exit from the short trades and the liquidations.
The short liquidations noted at $1.67 Million, whereas the long liquidations at $429k. That implied a bullish sentiment among the investors.
The immediate support levels for the XRP at press time were $1.80 and $1.30, whereas the key upside hurdles were $2.40 and $3.
All In All
The XRP price climbed above its significant moving averages and rose over 40% this week. Interestingly, the seller army looked trapped and covered their short positions, favoring the price hike.
