Double-digit gains for XRP have sent its price higher, echoing the astronomical performance of Cardano
The price of Ripple (XRP) jumped 11% against the US dollar and 5% versus Bitcoin (BTC) over the past 24 hours, continuing a smooth rebound after recent losses.
While the broader cryptocurrency market has seen strong, impressive rallies led by Cardano (ADA), Bitcoin and Ethereum (ETH), XRP quietly gained nearly 30% last week, approaching a weekly high.
The cryptocurrency has also risen more than 135% over the past 30 days and about 330% year-to-date.
XRP Price Analysis
XRP began recording higher prices after breaking above the resistance of an ascending channel near $1.02, a level that also corresponded with the 61.8% Fibonacci retracement of the move from $0.50 to $1.35.
The uptrend, however, stalled around $1.35, as shown in the daily chart below, and subsequent pullbacks saw the price rebound textbook-style from a new support line near $1.10.
Daily price chart for Ripple. Source: TradingView
XRP/USD is poised for a third consecutive higher daily close. If the price maintains its current trajectory, the week could finish with the highest daily candle close since mid-May. To achieve that, buyers need to drive XRP above $1.28 and hold gains near the weekly highs marked by the blue horizontal line on the chart.
Looking at the chart, the daily RSI has started climbing into overbought territory, suggesting increasing bullish momentum. The moving averages have also turned after a bullish crossover, reinforcing the upside outlook.
If price clears the resistance line, demand could push XRP toward the next key barrier at the 123.6% Fibonacci extension around $1.54.
In the opposite case, a retreat from current levels would see bulls attempt to defend gains near the 78.6% Fib at $1.17, with additional support likely at the 61.8% Fib ($1.02) and the 20-day moving average (~$0.95).