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XRP Spikes 6% Within Hour, Here's Potential Trigger

Mon, 03/27/2023 - 14:41
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Tomiwabold Olajide
XRP up 5.94% in last 24 hours at $0.483
XRP Spikes 6% Within Hour, Here's Potential Trigger
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The price of XRP suddenly jumped 6% as XRP printed three green hourly candles consecutively. At the time of writing, XRP was up 5.94% in the last 24 hours to $0.483 after paring off slight gains.

The token is also up 25.94% weekly. The recent price spike coincides with XRP gaining strength in its Bitcoin pairing. After bottoming out at lows of $0.00001344 against BTC on March 21, XRP steadily climbed against Bitcoin until a critical barrier was reached.

XRP surpassed the key barrier slightly above the MA 50 in its Bitcoin chart as it rose to highs of $0.00001729. XRP is currently a top gainer among the top 10 in daily and weekly gains.

In its USD pairing, XRP broke out of a bull flag pattern. Taken from Friday's lows of $0.414, XRP might be set to mark its third consecutive day of gains as it rallied to highs of $0.4883 at press time.

XRP Price Up 17% Weekly, Here Are Positive Triggers

On the upside, XRP faces a key barrier near $0.50, upon which a successful breach might trigger a rise to $0.548. On the contrary, if XRP enters profit-taking, the cryptocurrency might meet firm support at $0.403 or the daily MA 200.

XRP's positive price performance is also supported by a spike in its social activity and mentions. Per LunarCrush data, XRP ranks among the top trending assets.

In the past week, LunarCrush reported that XRP social engagement jumped 105.9% to 245.57 million, and its mentions increased 26.4% to 80,720.

The optimism surrounding the Ripple-SEC lawsuit, which many believe will soon draw to an end, might be a key factor in the spike in its social mentions and activity.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.