Ripple is looking very bullish right now. The XRP price has risen by more than 12 percent in the past 24 hours. Does this mean Ripple is ready for a massive price hike?
Ripple (XRP) price up 12%
At the time of writing, the price of 1 XRP token is around $1.22. This while the price was ‘only’ around $1.07 1 day ago. That means that the Ripple price has risen by more than 12 percent in 24 hours.
The explosive price increase started quite suddenly yesterday afternoon. The Ripple price rose in just a few hours from $1.07 to $1.20. The rally appeared to falter overnight, causing the price to slide back to $1.13. However, the rally has since resumed, bringing the XRP price back above $1.20 at the time of writing.
Today’s breakout is a sign of more gains, according to several technical analysts. If the XRP price can close above the 200 day SMA level, that is a very good sign. A bullish triangle will then form with a target of $1.42. If this level is also reached, a price hike to $1.76 seems to be on the horizon.
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