XRP/USD Technical Analysis: Bullish break to continue as price looks to test long-term resistances

The price of XRP became the shining star of the cryptocurrency market with a sharp hike over the past two days, putting its weekly growth at a whopping 21%. This provided the coin with the momentum required to break out of the tightly defined trading pattern that it has exhibited for the past 2 weeks.

1 hour:

The short-term outlook for XRP shows an uptrend from $0.452 – $0.554, accompanied by a movement from $0.464 – $0.528. The hike broke the resistance at $0.521, turning it into a support line for its current run.

A support line can be seen at $0.435, with a resistance at $0.554. A downtrend is also present, as seen by the retracement of the price from $0.554 – $0.550 – $0.533.

The RSI shows that there is a healthy amount of buying pressure in the market, as seen by the movement of the index in a general upwards direction.

The Relative Vigor Index demonstrates a bullish crossover, repeating a pattern and indicating further upwards movement in the coin.

The Parabolic SAR indicator is flashing a bearish signal.

1 day:

An uptrend is visible from the price bottom from $0.27 – $0.452, with a long-term downtrend from June pushing the price from $0.688 to $0.579 to $0.550. Supports are seen at $0.271 and $0.374, with resistances set at $0.579 and $0.687.

The MACD is showing a bullish crossover movement, suggesting increased momentum in the price.

The Aroon indicator shows that the downtrend has reversed, with the uptrend beginning to see a slight drop.

The Awesome Oscillator is also bullish, as seen by the occurrence of continuing green lines.

Conclusion:

The price of XRP seems primed for further upwards movement and might see the long-term resistance at $0.687 being tested in the coming weeks. However, the next short bullish break should find resistance at $0.544 and $0.579 marks.