Ripple’s XRP Gains Momentum Above the Key Support Level as Bulls Take Over the Market

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.

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