XRP rally has extended into yet another week as it gains more than 37%.
With its latest 65% rally, XRP has broken through a crucial resistance level of the 200-day moving average. At the time of writing, XRP is trading at $0.4766, gaining more than 37% in the past week.
Although traders have been optimistic about XRP ahead of the Ripple vs SEC decision, technical indicators point to a probable correction. On September 23, the XRP/BTC relative strength index (RSI) almost hit 85, well beyond the overbought level of 70, which normally signals the start of a significant market fall or consolidation.
As a result, bulls will likely try to turn the $0.48 level into support. A bull pennant could follow if the bulls are successful in their mission.