XRP price breaks above $1.6 after massive 25% surge

The last 24 hours have seen bulls punch higher, touching the 3-year high of $1.66.

XRP price has climbed to $1.66 on Bitstamp, the highest price level for the XRP coin in three years. The cryptocurrency, which has reclaimed the fourth spot among the largest coins by market cap, has spiked an impressive 25% spike over the past 24 hours. Total gains over the past week have been are around 78%.

The latest uptick has pushed the XRP market cap to $71.6 billion, above Tether (USDT) but behind Binance Coin that is in the third spot with $84.7 billion.

XRP has bounced higher despite the legal battles beleaguering top company executives, although recent court assertions have been positive for Ripple. One such scenario is the court’s view on the Tetragon lawsuit, one of the company’s investors that had sought to redeem an investment worth $200 million. Apart from losing the case, the UK-based investment firm now has to part with $3.46 million to Ripple.

At the time of writing, XRP/USD is trading around $1.61 as bulls battle to keep the upside momentum going.

XRP price outlook

XRP/USD broke above the overhead resistance at $0.80 and climbed to $1.11 before revisiting the resistance-turned-support line. A fresh breakout then saw XRP price rally over 34% over the weekend and nearly 9% on Monday.

On the daily chart, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest bulls are in charge. The rising curve of the 20-day exponential moving average also supports another leg up in the short term.

If prices break above $1.67, legitimate targets lie north of $2.00. Further gains could open up a path to $3.00, with a run to the all-time high of $3.84 achievable in the medium term.

On the hourly chart, XRP has seen increases in upside volatility over the past few days, with volume falling in the past 24 hours even as bulls battle bearish pressure.

Bulls are currently hugging the upper curve of the Bollinger Bands. XRP is thus likely to remain bullish as long as it stays above $1.48.

On the flip side, a retracement beyond $1.45 could allow bears to target the robust support zone at $1.30.

If bears take control, expect prices to fall to $1.22 and then $1.10. The psychological $1.00 offers a strong demand zone, but a negative flip could force bulls to defend gains at the previous breakout point near $0.80.