Crypto Analysis: XRP at Resistance at $0.58

Like the rest of the crypto market, XRP has performed very well in recent days. The price rose by almost 25% in a week. Is this the end of the rally or can the coin continue for a while? Let’s get to the graphics.

The highest price levels

First we look at the most important price levels. This is best seen on the weekly chart of XRP, because that is where we can look back at the price. Past price levels can still be of great importance today.

Above we see these values ​​as gray areas. Almost every time the XRP price returns here, the price changes direction. So it won’t be a surprise if this happens again.

We also see a blue line. The previous analysis already indicated that the price should not fall below this, so that the coin can continue to rise towards the $0.58 zone and this turned out to be perfect.

Will XRP Rise to $0.90?

To analyze this better, let’s also look at the daily chart. Here each candle represents 24 hours, so we can see the price in a bit more detail. The price has just reached the middle gray area, around $0.58. But it was precisely at this point that the coin previously encountered significant resistance.

Recently the currency rose again, but this did not last long. The price was pushed back and has been moving between the mid and low zones ever since. This could continue for a while as it could provide significant resistance to where XRP is now.

We obviously do not expect this, because the alternative would be that XRP breaks through this and rises to the upper zone around 0.90 cents. While still a long way from today’s price, this isn’t a strange follow-up scenario. However, I would like to see the gray area broken with a daily candle, otherwise the price will remain below $0.58 for a while.