Great 15% Surge For XRP

With XRP seeing a brilliant 15% spike over the course of three days, one question remains as we ask if we are going to see this surge continue or will we see a sharp reversal in the tokens price? Over the past few weeks, XRP has been trading in a range. Over the last weekend we saw Sunday bring in the price of XRP near the top of the said range but at the start, this week has resulted in XRP breaking out of the range to the upside. The XRP has moved from opening near $0.45 on to currently trading above $0.52. The move overcame key resistance near both the $0.49 level and 20 EMA which is also reading around this region. The move is bullish for the price structure of XRP. it changes the structure of the market for XRP with a bigger high forming. The MACD is starting to increase daily along with the RSI both showing increasing buyer momentum. (souce blokt) As you can see from the hourly chart above, it shows a lot of the same price action which is forming a series of better highs and higher lows. The increases have been on significantly more volume than it drops and the MACD continues to increase. It’s worth mentioning that if you look at the hourly chart, there is a bearish divergence forming between the price and RSI. The price has formed a higher high while RSI has formed a lower high. As stated by blokt: “This shows price going on to increase higher despite the buying pressure falling back. this is a typical reversal pattern. It does not say for certainty that XRP is going to reverse from here, but it does mean traders should and will be more cautious of price turning around from here.” Some of the important things to take away from this is that XRP has a broken range with a 15% spike over the course of three days and the price surpassed the key resistance at $0.49 and the 200 EMA. in addition to this, the price has been forming a series of bigger highs and higher lows on an hourly basis but it has recently formed a bearish divergence between RSI and the price suggesting a reversal sign. What are your thoughts? Let us know what you think down below in the comments! googletag.cmd.push(function() { googletag.display('div-gpt-ad-1538128067916-0'); });