It has been a very eventful start to February for all crypto assets. While most markets suffered initially, it seems the XRP price has finally broken the accumulation phase.
Prominent XRP Price Momentum
For a very long time, it appeared as if the XRP price would not break $0.24 again. Extensive accumulation can often make speculators and investors weary. In the case of XRP, most community members agree that there’s plenty of room for further upward momentum. It seems that momentum is finally coming to the forefront.
This past week has been very positive for Ripple’s native asset. An 18.8% increase in value shows there’s a lot of gas left in the tank. It has also pushed the XRP price past $0.28 in quick succession. Such momentum is primarily made possible because the Bitcoin price is rising as well. All markets remain interlinked in one way or another. Once bitcoin shows weakness, XRP will plummet for a bit, which is normal behavior.
Today, there is a lot of positive market action as well. Ample trading volume will keep this market going for some time to come. Four of the top 5 markets are XRP/USDT pairs. The other is XRP/USD on Exrates. Bringing in fiat liquidity is crucial for top crypto assets at all times.
XRP/USDT Technical indicators
Bollinger Bands: It would appear that the BBs have recently widened a bit further for XRP. That is a sign of a very healthy market with ample liquidity. It also means there may be some minor volatility for XRP/USDT in the hours and days to come. That is only normal, following these big gains in quick succession.
Moving Averages: Bullish signals all around. The XRP price momentum ensures the MA20 remains well above the MA50. The current price is also still above the MA200, which confirms there is more upside potential. The crossover between the MA20 and MA200 is coming closer, but it won’t happen this week, normally speaking.
RSI: The RSI is in overbought territory, but that hardly affects cryptocurrency markets these days. For XRP, it is almost normal to be in either overbought or oversold territory for extensive periods without any real impact.
Fibonacci Retracements (XRP/USD): This is often where things tend to get very interesting. XRP successfully passed the 23.6% Fib despite some contention along the way. Moving up to the 38.2% Fib is possible, but it seems the momentum may reverse ever so slightly prior to this happening. Reaching $0.30052 will not happen overnight, but it will happen in Q1 2020.
Resistance Levels: The next Fib level at $0.30052 is not the first resistance level to look for. There is still plenty of contention near $0.27864. There’s also plenty of resistance to break $0.28250 in a decisive manner. As such, the coming hours will prove very crucial for all markets.