CryptoSlate recently reported that Ripple (XRP) is up 5% on Tuesday following recent positive developments surrounding its ecosystem and JP Morgan's prediction of over $8 billion in inflows into XRP ETF if it gains approval from the Securities and Exchange Commission (SEC).
Here's a quick analysis of XRP's latest price action.
After bouncing off the $2.33 support level, which is strengthened by the 50-day Simple Moving Average (SMA), XRP crossed above $2.65 for the first time in nearly a month. The token surged above a bullish pennant, approaching the $2.90 resistance level, which marks its highest price in six years.
Investors are anticipating a rally to a new all-time high in the coming weeks. If XRP continues holding the pennant’s upper boundary and the $2.33 as key support levels, it could overcome the $2.90 resistance and rally to tackle its all-time high resistance of $3.55.
The Relative Strength Index (RSI) and Awesome Oscillator (AO) are above their neutral level, indicating dominant bullish momentum. However, the Stochastic Oscillator (Stoch) is in the overbought region, indicating a correction is imminent.
A daily candlestick close below $1.96 will invalidate the thesis.
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