- Recently XRP investors attempted to push the crypto price towards $1 and now they are facing a little bit of a correction phase near $0.800 level.
- XRP coin succeeded to sustain the price above 20- and 50-day20 and 50 day moving averages in the daily time chart and now bulls are approaching 100MA.
- XRP/BTC pair price seems to be neutral at 0.00001888 satoshis.
Ripple currency secures the weekend’s small gains. XRP has taken a few steps back in order to re-establish momentum for another leap higher. Bulls appear to take a rest before going higher. Although reduced volume and poor crypto sentiment, Ripple’s XRP continued to rise over the weekend. Nevertheless, the XRP significant resistance level of $0.96 remains the vital level to monitor. At the time of writing the XRP coin is trading in the green zone by 3.7% at $0.8314. Moreover,Moreover the XRP/BTC pair price seems to be stable at 0.00001888 satoshis.
The XRP coin has lost 8.7% trading volume over the past 24-hours, reflecting the volatility in the coin price. The volume to market capitalization ratio is 0.06142. On the daily chart, the price of XRP plummeted precipitously after reaching a high of $1.34. Sellers meet the demand zone at $0.77 and rebound to $1.08 highs set on December 23. However, bulls are unable to drive the price higher since it stays below the 100-day Moving Average.
The XRP price is approaching 100-MA after maintaining the price above 20- and 50-day20 and 50 day moving averages and the 200-MA still remains to retest. The conn has immediate support at $0.600 and the resistance sits at $1.0-psychological level.
Will the $1.0 price tag continue to attract buyers or not?
The Daily RSI showed athe sharp bounce back from the extreme oversold zone. Now the indicator retested the half-line (50-mark) and started moving towards higher, it may reach an overbought stage soon. However the average directional index is at 32-level, suggesting strong bullish momentum.
If the current trend continues, XRP will most definitely impact the important resistance zone of $1.0 in the following trading sessions. If they are fortunate, XRP will be able to consolidate over the coveted $1 threshold.
Support level – $0.55 and $0.70
Resistance level – $0.91 and $1.0
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.