XRP price targets a fresh rally towards the monthly high of $0.60

XRP is up by more than 1% against the USD over the past 24 hours and is edging closer to its 30-day high of $0.60.

XRP has resumed its upward movement following last weekend’s slump. The XRP/USD pair is currently up by 1.35% over the past 24 hours despite a mixed performance from the general cryptocurrency market.

If the current trend continues, the cryptocurrency could be targeting its 30-day high of $0.60.

XRP price outlook

XRP has been trading in the green for the past 24 hours and is one of the best performers amongst the top 10 cryptocurrencies by market cap. The cryptocurrency began its recovery after slipping to a low of 0.53913.

At the time of this report, XRP/USD is trading at $0.56486 per coin, which is well above its 4-hour 100-day simple moving average ($0.50191). Having established strong support at the $0.50 point, XRP is rallying and could soon attempt to reach its 30-day high at $0.60 per coin.

XRP/USD 4-hour chart. Source: Coinalyze

XRP’s MACD is trading in bullish territory. Its RSI currently stands at 57.56, a relatively neutral position, yet seemingly on the rise. If the RSI can move beyond 80, then XRP would enter a bullish mode, and it could rally past the $0.60 line of resistance.

However, failure to break past the next psychological point at $0.57 could see XRP lose steam and decline back towards $0.53.

Ripple co-founder sells more XRP

According to data from XRPscan, Ripple Labs co-founder Jed McCaleb has moved 127 million XRP coins to be sold. This means that he has sold a total of  $71 million worth of XRP over the past few weeks. McCaleb now has 336 million XRP remaining in his “tacostand” cryptocurrency wallet.