XRP price soars above $1.25 as buyers target new weekly highs

Double-digit gains for XRP person seen it interruption higher, mirroring Cardano's stellar performance.

Ripple (XRP) terms has jumped 11% against the US dollar successful the past 24 hours, and 5% against Bitcoin (BTC) to proceed its creaseless betterment pursuing caller losses.

As the crypto marketplace witnesses large spikes for Cardano (ADA) and awesome upsides for Bitcoin and Ethereum (ETH), XRP has softly accrued astir 30% this past week to spot it travel adjacent to a play top.

The cryptocurrency is besides implicit 135% successful the greenish implicit the past 30 days, portion its 330% up from its worth a twelvemonth ago.

XRP terms analysis

XRP has traded higher since breaking supra the absorption enactment of a rising transmission adjacent $1.02, a hurdle marked by the 61.8% Fibonacci retracement level of the determination from $0.50 to $1.35.

The uptrend, however, reached headwinds astir $1.35 arsenic shown connected the regular illustration below, with the downturn past seeing a textbook bounce disconnected the caller enactment enactment astatine $1.10. 

Ripple terms regular chart. Source: TradingView

XRP/USD is seeking a 3rd consecutive higher regular close. If terms continues connected this trajectory, the week could extremity with bulls managing the highest regular adjacent since mid-May. To execute this, buyers request to determination XRP supra $1.28 and question to consolidate gains adjacent its play highs marked by the horizontal enactment (blue).

Looking astatine the chart, we spot that the regular RSI has started to ascent into the overbought territory, suggesting a increasing bullish momentum. The moving mean curves are besides upturned aft a affirmative crossover to adhd to the bullish outlook.

If terms moves supra the line, request could propulsion it to the adjacent large hurdle astatine the 123.6% Fibonacci hold level ($1.54).

On the contrary, a retreat from existent terms levels would archetypal spot bulls effort to support gains adjacent 78.6% Fib astatine ($1.17), with further enactment apt astatine the 61.8% Fib level ($1.02) and the 20 MA ($0.95).