With a massive surge to create a new bullish engulfing candle, the broader market sentiment for XRP improves overnight. As the XRP price jumps with a major announcement from Grayscale, the altcoin is ready for a breakout rally.
Will this breakout rally lead to a new surge above $0.60 next week? Let’s find out in our price analysis below.
XRP Recovery Run
In the daily chart, the XRP price action reveals a recovery rally in motion. Currently, the XRP price is trading at $0.5657 with an intraday gain of 0.53%. This comes after the 5.20% jump last night, rating a bullish engulfing candle.
In the daily chart, the recovery run marks a new lower-low formation, a bullish turnaround from a new lower-low formation in the short term. Furthermore, the XRP price is on the verge of reclaiming the 50% Fibonacci level at $0.5707.
Technical indicators:
MACD: With increased trend momentum, the MACD and signal line are on the verge of a bullish crossover.
RSI: The daily RSI line surpasses the halfway line with an uptick, with the XRP price making a bullish engulfing candle.
Grayscale Announces XRP Trust
The recent surge in demand for XRP comes with the announcement that Grayscale will start an XRP Trust. With the announcement of an XRP Trust, the broader market anticipation of an XRP ETF in the U.S. market has increased significantly.
Turning around the sentiments by 180, the bullish anticipation for the cross-border payment system has increased.
Will XRP Price Top $0.65?
In the daily chart, the bullish turnaround finds resistance at the 50% Fibonacci level. A bullish breakout above this level will find resistance at 61.80% and 78.60% Fibonacci levels at $0.60 and $0.65, respectively.
On the flip side, the crucial resistance remains at $0.5347 and the $0.50 psychological mark. In case of a bullish failure, a sideways trend between the 38.20% and 50% Fibonacci levels.
