Ripple (XRP) skyrocketed over the weekend after WallStreetBets subreddit decided to include it in the basket of cryptocurrencies it wants to push up. Dogecoin was the first crypto impacted by the subreddit, managing to gain over 900% when compared to its usual trading range
XRP had an amazing weekend after the notorious r/WallStreetBets subreddit stepped into the market and started pushing its price up. The cryptocurrency is still swinging towards the upside, and is currently contesting the 78.6% Fib retracement level of $0.657. As a consequence of this move, XRP moved back to 3rd place of the crypto market cap top 10.
When taking a look at its week-over-week performance, XRP managed to post gains of a whopping 121.85%. When compared to the other top cryptos, we can see that XRP clearly outperformed BTC’s 0.88% and ETH’s 7.76% loss over the same period.
At the time of writing, XRP is trading for $0.634, putting it 120.21 % in the green when compared to its previous month’s value.
XRP has, seemingly out of nowhere, started breaking out of its usual descending range around the $0.25 level and started skyrocketing and quickly regaining almost all of its previously-lost gains. The cryptocurrency increased in price over 160% in the past three days, and is now contesting the 78.6% Fib retracement level of $0.657.
Due to XRP’s shaky fundamentals and technicals, as well as due to how sharp this move is, a pullback is more than expected. However, the r/WallStreetBets community is often unpredictable, and traders need to be very careful when either longing or shorting XRP.
XRP’s RSI level on the daily timeframe spiked from being on the lower end of the value spectrum, to all the way to overbought territory. Its value is currently sitting at 83.43.
If we zoom in to the hourly timeframe, we can clearly see XRP’s jump from the $0.25 lows to a $0.316 push, then a strong push that reached as high as $0.51, and ultimately the current spike, which is soon to contest the $0.657 level. XRP seems to find great support in its 21-hour EMA, but has recently moved far away from it. This may be a good indicator of a possible pullback at least to the 21-hour EMA level.