- XRP broke above key resistance and the Ichimoku Cloud, strengthening its short-term bullish outlook.
- The RSI climbed above 75, reflecting strong buying interest but also signaling possible near-term profit-taking.
- Analysts see XRP targeting $1.30 after breaking out of a multi-week consolidation and downtrend.
XRP climbed above a key technical resistance level, extending its recent advance as traders watched for signs the rally could continue. The token traded at about $1.16 at the time of writing, up 4.08% over the past 24 hours, while trading volume reached $1.41 billion.
On the four-hour chart, XRP moved above the Ichimoku Cloud as well as the Tenkan-sen and Kijun-sen lines, a combination that many technical traders associate with a stronger upward trend. Leading Span A also remained above Leading Span B, leaving the cloud below the current price and making it a potential support area if the rally loses momentum.
Momentum Indicators Turn Positive
Since the Ichimoku Cloud is below the present price level, traders normally consider it to be a zone of possible support in case XRP retraces.
The momentum indicators also show very good demand for the asset. For instance, the Relative Strength Index reached 75.17, exceeding the popular 70-level, which indicates overbought conditions. This means not only strong demand but also implies that the uptrend may slow down since some traders will take their profits.
In addition, the moving average of the RSI was around 59.85, much lower than its current level, signaling an increase in buying momentum recently.
Analysts Point Toward Higher Targets
Crypto market analyst Ali Martinez said XRP had broken above a key resistance level, calling $1.30 the next major price target. “BREAKOUT CONFIRMED! $XRP has cleared resistance,” he wrote. His chart showed the token breaking out of a symmetrical triangle pattern after weeks of consolidation, with traders now watching the area around $1.08 as support and $1.22 as the next resistance level.
Another market commentator, Ash Crypto, said XRP had “just broke out of its 66-day downtrend.” His chart showed the token moving above a descending trendline that had capped rallies since mid-May.
XRP had previously fallen from about $1.54 to nearly $1.00 before stabilizing. More recently, the token has formed a series of higher lows, a pattern that technical analysts often view as a sign that upward momentum is strengthening.
Related: XRP Price Approaches $1.13 Breakout as Analysts Track Higher Targets
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