- The relative strength indicator has been trending upward and is now in overbought territory.
- Amid the recent bull run the price is up 7.69% in the last 7 days.
Things are starting to look up for XRP as the price continues its upward pace. For the last several weeks, the price has been rising. The XRP price has broken over the $0.6 level, as well as the 50-day and 200-day moving averages. In addition, the relative strength indicator has been trending upward. However, it is now in overbought territory.
Ripple Labs Inc.’s release of 1 billion XRP from escrow likely acted as a catalyst in driving the price. Moreover, this suggests that there is a larger supply of XRP in circulation now than there was before. Ripple’s dedication to facilitating control of XRP production is also highlighted with the move.
Also a significant factor in the token’s price surge can also be likely linked to the recent launch of Xahau, a XRPL-sidechain. An in-depth review of the Xahau code led to its release, which showcases the XRP Ledger’s flexibility and ongoing attempts to expand XRP’s use.
Moreover, XRP has attracted the attention of crypto fans as whales continue to trade XRP tokens. Whale Alert stated on November 1 that a large transfer of approximately 412.89 million tokens was made, with a total value of $248 million.
Eyeing $0.65 Level
At the time of writing, XRP is trading at $0.602, up 0.10% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is down 36.19%. Amid the recent bull run the price is up 7.69% in the last 7 days.
If the price manages to go past the $0.61 mark then the price is likely heading towards $0.65 resistance level. Contrarily, if the price goes below the $0.58 support level, then price will likely decline further to test $0.57 level.