Why is the Ripple (XRP) Price Up Today?


Bulls are challenging the resistance at 68 cents as XRP makes a new yearly high. In the following, we take a look at a few technical indicators that might provide some insights into why the XRP price is up today.

Key Support levels: $0.54

Key Resistance levels: $0.68, $0.92

1. Key Resistance Under Pressure

On Monday, XRP shot up to 74 cents on renewed buying interest. Since then, the price has entered a pullback and is currently trying to turn the 68 cents level into a key support. If successful, the price might aim for 92 cents next.

Chart by TradingView

2. New Yearly High

Buy volume spiked yesterday to levels not seen since the summer of 2023. This pushed XRP to make a new yearly high and shows that buyers may only be starting to return.

XRPUSDT_2024-03-12_15-33-03
Chart by TradingView

3. Weekly RSI Enters Overbought Area

XRP’s price action has taken the weekly RSI to over 70 points. This is a sign of strength. Should this bullish momentum continue, then this cryptocurrency can see higher price levels, with a key target found at 92 cents.

XRPUSDT_2024-03-12_15-32-41
Chart by TradingView



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