Ripple's XRP has experienced a 3% increase in value over the past 24 hours, benefiting from a renewed positive sentiment within the cryptocurrency market.

Although the rise seems conservative, technical indicators suggest that there is still potential for further growth in the XRP token's value. This analysis provides a detailed account of the situation.

XRP has managed to surpass a descending trendline, breaking through a significant resistance level that had been limiting its upward movement since the end of April. This breakthrough signifies a shift in trend and positions XRP favorably for future price increases.

The Relative Strength Index (RSI) readings for XRP support this optimistic outlook. Currently standing at 54.11, the momentum indicator shows a consistent upward trend.

The RSI indicator is used to determine whether an asset is oversold or overbought, with readings above 70 indicating potential overbought conditions and a subsequent price decline. Conversely, values below 30 suggest oversold conditions and a potential price rebound.

With the RSI for XRP at 54.11 and rising, it suggests strengthening buying pressure and hints at the potential for additional gains before the token becomes overbought.

Similarly, XRP's Balance of Power (BoP) indicator is showing a positive value, currently at 0.86, emphasizing the bullish sentiment towards the altcoin. This value suggests a dominance of buyers in the market, indicating a potential upward trend for the XRP token.

Having broken above the descending trend line at $2.21, XRP is now positioned for a possible price increase beyond the resistance level at $2.29, potentially reaching $2.50 if demand continues to strengthen and bullish momentum prevails.

However, if buying activity diminishes and XRP fails to sustain the breakout level upon retesting, it could see a decline to $1.99.