Ripple (XRP) jumps more than 6% to above $0.255 but remains weak below a key resistance line
The XRP price rose 6.5% in the past 24 hours as major altcoins appear to be recovering after a weak performance over the last two weeks.
However, XRP still trades beneath a long-term descending triangle pattern. Bulls need to push the price above that resistance line to take control. If the price falls from current levels, the outlook could turn grim again despite Ripples’ positive Q3 markets report for the token.
According to the company, average daily volume rose from $196.28 million to $403.58 million over the past three months compared with the prior quarter. This indicates that daily XRP volume increased by nearly 200% versus Q3 2020.
Despite the large uptake suggested by reported volumes, XRP’s price has lagged behind other top tokens over the last month.
At the time of writing, the cryptocurrency trades at $0.251. Although it gained more than 6% in the last 24 hours, the token is only about 2% higher against the US dollar over the past 30 days.
By comparison, Bitcoin rose roughly 44% in the same period, while Ethereum and Litecoin gained about 27% and 21%, respectively.
XRP/USD Price Outlook
Ripple’s XRP rebounded from support near $0.245 and climbed to intraday highs around $0.255. That move supports bulls’ ambitions to retest September highs near $0.304.
Despite the 24-hour gain, XRP remains capped by the descending triangle. The token trades above the 100-hour moving average, suggesting potential upside, yet the picture would turn fragile if bulls fail to hold recent gains.
Price is also above the 50-SMA and 100-SMA on the 4-hour chart. The 200-EMA, which previously acted as resistance after lows around $0.22, now provides support near $0.239.
Bulls aim to break the 100-SMA on the daily chart and pierce the triangle’s upper boundary, a level located near $0.26 that could prove stubborn.
If XRP avoids a large sell-off following Bitcoin’s rally to $16,000, a bullish breakout toward the $0.30 area could develop—particularly if altcoins begin to rally while Bitcoin enters an expected consolidation phase before attempting a move to a new all-time high.
The daily Relative Strength Index and MACD point to growing bullish momentum. A clearer directional signal, however, will depend on whether price can overcome the resistance levels mentioned above.
On the downside, another rejection around $0.26 could push XRP back toward the 50-SMA and 200-EMA support zones. Increased selling pressure might drive the price down to around $0.22, where the 200-SMA sits.