As the cryptocurrency markets moving up, there is genuine excitement. Even the XRP price shows some promising signs, albeit it all stands or falls with Bitcoin’s momentum.
For now, however, it appears that XRP may attempt breaking $0.24 again. This would help offset the minor losses sustained over the past week.
XRP Price Uptrend Resumes
It is evident that the current market conditions seem to favor alternative markets. With Bitcoin nearing $9,200 again, there can be a lot of excitement for other crypto assets. The XRP price already shows signs of moving higher, albeit the process will likely be slow-going for the coming hours.
Over the past 24 hours, there is a 2.38% gain. This helps offset the seven-day decrease, which still sits at 0.3%. It is always crucial to keep an eye on the bigger picture. That still shows a near 21% increase for the XRP price over the past 30 days.
With roughly $800 million in trading volume, it appears that XRP is in a good place. A lot of trading occurs against the USDT asset. Bithumb’s KRW market is also contributing a lot of volume. All of this seems to hint at a positive start of the week. Reaching $0.24 will pose a fair few challenges, however.
XRP/USDT Technical Indicators
Bollinger Bands: the Bollinger Bands for XRP have started to narrow again. This is not a negative sign, although it shows that liquidity may be drying up a bit at certain intervals. Following the current uptrend, it seems as if the BBs will remain relatively wide open for the remainder of the day. As such, there may be some minor volatility for scalpers to take advantage of.
Moving Averages: On the daily XRP price chart, the MA20 remains above the MA50 in a bullish manner. Albeit the MA200 is still on the decline, it may cross the MA20 in a week or two. That “coming together” will help indicate where XRP is headed next. A bullish crossover would be incredibly interesting, as it can push XRP to $0.32016.
RSI: With a neutral RSI that is sloping up slowly, things are looking good for Ripple’s native asset. XRP Has not entered overbought or oversold territory as of late, thus the upward momentum should remain in effect. That is, assuming the Bitcoin price doesn’t collapse entirely in the coming weeks.
Fibonacci Retracement (XRP/USD): The Fibonacci Retracement lines for XRP show there is some further room for upward momentum. The next level sits at $0.2523. This is the 23.6% Fib level, and has resulted in a rejection earlier in January. In late September 2019, it was a support level. As such, it will be interesting to see what happens over the coming days.
Resistance Levels: The first resistance level is the 23.6% Fib level at $0.2523. Overcoming that can elevate the price to $0.3015. That is the 38.2% Fib level, which is often a turning point of sorts. Overcoming it successfully leaves room for growth to $0.3388 in the coming weeks.