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.

XRPUSDT_2024-03-12_15-31-47
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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