Ripple's XRP Has Gained 3% in the Last 24 Hours, Riding the Wave of Renewed Optimism in the Broader Cryptocurrency Market.

XRP has successfully broken above a descending trendline, overcoming a key resistance level that had capped its upside since the end of April. This move signals a trend reversal and puts XRP in a favorable position for further gains.

Despite a 3% gain in the last 24 hours, which may seem modest, technical indicators suggest that the recent XRP rally still has more room to go.

Here’s a breakdown of the key levels to watch and what the technical indicators are signaling.

What Next For XRP

XRP, the native token of Ripple, has now broken above a major resistance, which could be setting the stage for the next leg of the bull market.

The cryptocurrency has now cleared a key resistance, which is the descending trendline that capped its price action since April 27.

This move is bullish and puts XRP in a good position to rally even further.

Relative Strength Index

Relative Strength Index (RSI) is showing signs of strength. At the time of press, the momentum indicator is at 54.11, which is up from previous readings.

The RSI ranges from 0 to 100, with relative strengths of 70 and 30 often used to identify overbought and oversold conditions.

At 54.11 and still climbing, it’s clear that buying pressure is getting stronger, and suggests that there’s still room for more gains before the token becomes overbought.

Balance Of Power

Relative Strength Index (RSI) is also showing signs of strength. At the time of press, the momentum indicator is at 54.11, which is up from previous readings.

The RSI ranges from 0 to 100, with relative strengths of 70 and 30 often used to identify overbought and oversold conditions.

At 54.11 and still climbing, it’s clear that buying pressure is getting stronger, and suggests that there’s still room for more gains before the token becomes overbought.

Where Could XRP Go Next?

If the buyers can maintain control and push XRP to higher levels from here, then the next level of resistance to watch out for is at $2.29.

A strong move through this zone could open the door to a continuation of the rally towards the $2.50.

However, if the bulls tire and the bears return, then we could see a test of the breakout level, which could lead to a deeper decline towards the $1.99.