For the last three weeks, the XRP token has been the best player in the cryptocurrency industry rising by more than 50% on the seven-day price chart. Over the weekend, the XRP price continued to move higher until it reached the $0.55 level where it found some resistance and started falling lower against the USD. The token is now in a downside correction but there is evidence that the bulls aren’t done yet.
XRP Price Analysis Today
At the time of writing, the XRP price was $0.4781. The token was down by 2.12% against the USD. This downward correction doesn’t mean the bulls are done with the token. There is strong support at the $0.4665 level and XRP will continue to gather upward momentum as long as it maintains this support. On the other hand, the closest resistance level is at $0.5183.
A surge above the $0.5183 resistance short-term will push XRP higher to the weekend-high of $0.55. As evidence that the bull rally is not artificial, the XRP token isn’t the only thing that is rising. There has also been a major rise in the market capitalization of the token from the $19 billion level to the $23 billion level at the time of writing.
The surge in price and market capitalization of the XRP token took it from the seventh largest cryptocurrency per market capitalization to the sixth largest cryptocurrency per market capitalization according to Coinmarketcapital. However, the market capitalization of the XRP token is still far from the $44.51 billion level of the BNB and the fifth largest cryptocurrency per market capitalization.
Bitcoin and Ethereum Start the Week in Green
Bitcoin and Ethereum entered the new week in recovery mode. At the time of writing, the price of Bitcoin was $19,225.24, up 0.79% against the USD. Ethereum was trading at $1,316.23, down 1.13% against the USD. They are both outperforming Bitcoin on the hourly chat.