XRP price explodes by 30% – Newsbit analyst shares expectations

Ripple (XRP) season is in full swing. The XRP price rose by almost 30 percent in the past week and is almost 13 percent in the green on a daily basis. This makes the altcoin seem to be making a comeback. But how long will this advance last? Newsbit analyst Erik Juffermans will find out.

XRP price skyrockets

Since the turn of the year, the XRP price has shot up almost vertically. On January 1, XRP was still trading around $1.80. The currency is now at $2.40, a level that Juffermans previously mentioned as an important price target. The question now is whether XRP can break through this resistance or slow down.

What is striking is that the relative strength index (RSI) is exceptionally high. This is a warning signal and indicates an overheated market. At the same time, these are often the phases in which prices rise the fastest.

We saw something similar in July. Then too, the RSI rose above 70, after which XRP continued to rise for another eleven days to its historic peak of over $3.60. A correction is lurking, but it is certainly not a certainty. XRP is known for its ability to move quickly.

Course can put on the brakes for a while

However, the price is currently facing strong resistance. Both the horizontal level of $2.40 and a downward trend line that the price has been experiencing since July act as resistance. A daily close above this diagonal trendline would be a strong signal.

If the price does correct, the zone around $2.20 is a logical target. But if the momentum continues in the coming days, the $2.75 zone will be the next target. This is the center of the channel and also the level where the price found support several times in August and September.