Ripple Price Forecast: XRP Violates Double Top Pattern, Bullish Bias Dominates!

The XRP/USD cryptocurrency pair successfully extended its bullish overnight rally and drew some further bids around $0.89403 while rising by 26.11% on the day. It was seen as the biggest one-day increase since April 5. The move upwards pushed the Ripple market cap up to $41.01185B, or 2.07% of the total cryptocurrency market cap. Last 24-hours, XRP has been trading in a range of $0.81318 to $0.93929. It is worth mentioning that the value of XRP has risen, as it gained 60.29% over the past seven days.

However, the reason behind the upward moves could be the reports suggesting that XRP has increased its focus on the creation of a cross-border payment network that is inclusive and sustainable. As per the latest report, Ripple recently posted a blog titled “Creating a More Financially Inclusive and Sustainable Future” that explained how the project has partnered with “mission-driven financial technology companies, which leading NGOs, foundations, universities, and social entrepreneurs in efforts to generate greater economic fairness and opportunity for everyone.

On the technical front, XRP/USD is trading with a sharp bullish bias at 0.9860 level, having violated the double top resistance area of 0.7548 level. On the higher side, the pair’s violation is likely to lead the Ripple towards a 1.1920 level. However, the pair seems to have entered the overbought zone now as the RSI value holds around 84, and the MACD is closing massive histograms.Taking a look at the 20 & 50 periods EMA, these are staying far away at 0.6315, suggesting that the pair has entered the overbought zone, and it should show a little bit of a bearish correction until 0.9122 and 0.7548 before the continuing bullish trend. Let’s consider staying bullish over the 0.9122 level for now. Good luck!