-XRP price has increased 7.8% in the last 24 hours and is currently exchanging hands at $0.3780.
-A continued bullish outcome is likely to follow the confirmation of a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
-Investors have their eyes set on reaching the $0.50 and $1.00 mark in the near future.
The cryptocurrency market is seeing a surge this week, and the leading cross-border money transfer token XRP is no exception. In the last 24 hours, XRP price has gone up 7.8%, trading at $0.3780 at the time of writing. This comes as investors are not waiting for the Federal Reserve (Fed) decision on interest rates later this month to decide where the markets would go (up or down) and are stepping on the gas to get their desired outcome.
The XRP price technical outlook looks strongly bullish, with the 50-day Exponential Moving Average (EMA) (in red) at $0.3676, protecting its immediate downside. To continue the upward trend, XRP price will have to crack resistance at the 100-day EMA (in blue) at $0.3846. To further reinforce the bullish grip on XRP, a buy signal from the Moving Average Convergence Divergence (MACD) indicator needs to be confirmed. This will come in the form of the MACD (line in blue) crossing above the signal line (in red) and reaching into the positive region – above the mean line (0.00).
Earlier projections had foreseen XRP price reaching $0.38 this week, but with the trend above $0.37, the token could reach highs around $0.55. This has made investors more ambitious and they have their eyes set on reaching the $0.50 and $1.00 mark in the near future. Although the market is currently in a state of flux, the positive sentiment around XRP and the bullish technicals give investors hope that a surge in XRP price is imminent.