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XRP Spikes 39%, Sits Among Top Gainers as Price Reclaims 3-Month Peak Above $1.4
$XRP has spiked 39% over the past seven days, securing a spot among the top 5 gainers as its price reclaims a 3-month peak.
The broader crypto market has maintained the recovery push that began at the start of this week, and $XRP appears to betaking advantage ofthe rally more than most.For context, the global crypto market cap (TOTAL) has added $440 billion since Monday, Aug. 17.
Amid the upsurge,$XRPdelivered its best performance so far this year,asits market capspikedby nearly $24 billion to $86.82 billionwithinjust three days.This comes as $XRP’s price rallies by more than 33% on the weekly timeframe.
$XRP Ranks Among Top 5 Gainers
Notably, this places $XRP among the top 5 gainers over the past week, according todata provided byCoinMarketCap.Specifically, Ethena (ENA) tops this exclusive list with nearly 64% gains on the weekly timeframe.
Meanwhile, SPX6900 ($SPX) sits second on the list, with weekly gains exceeding 41%. The third position is secured by $XRP, which has recorded a 39.70% rise over the past week. Pump.fun (PUMP), the native token of the DeFi project of the same name, follows closely with a 37% increase.
Interestingly, on the daily timeframe, $XRP also sits among the top 5 gainers, securing third after rising 20.49%. Further data from CoinMarketCap confirms that $XRP remains the largest gainer on both the daily and weekly timeframes among the top 50 tokens.
$XRP Reclaims 3-Month Peak of $1.4
This rally has since helped $XRP reclaim the $1.40 level for the first time in three months.The last time $XRP saw this priceregionwas in mid-May, when its price collapsed from the $1.54 peak andslipped intoa free-fall phase toward the $1.05 low in early June.
With the price currently trading at $1.41, $XRP has also reclaimed its 20-week exponential moving average (EMA), one of two key moving averages that could dictate $XRP’s next price direction from here.
Aprevious reportfromThe Crypto Basicidentified the 20-week EMA and the 50-week EMA as the two important MAs that $XRP must breach to flip its momentum bullish.$XRP has now recovered above the 20-week EMA, with its eyes now set on the 50-week moving average at $1.5417.
At the current price of $1.4140, $XRP needs toonlyrallybyan additional 9% to breach the 50-week EMA.However, on the daily chart, the crypto asset could facestrictresistance at thePivot Point’sR3 area,which standsaround $1.4895, ontheway to the 50-week EMA.
$XRP’s daily RSIhas spiked to 84.While this shows that bulls have reclaimed control of the marketin the short term, it alsoindicates thatthe rallycouldbegettingoverstretched.If $XRPfaces exhaustionanda pullbackfrom here, it couldattempt tofind immediate support around the R3 mark at $1.39.
Source: cryptonews.net