Ripple (XRP) consolidates within a constricted range with limited price movements. The remittance tokens attempted to overcome a crucial resistance zone but failed. Enthusiasts wait for the currency to break out from the $0.80 – $0.90 near-term trading range before new directional trends.
- XRP has its price reactions within a constricted range without meaningful actions.
- A decisive close beyond $0.90 will open the gates towards the $1.0 upside target.
- Moreover, the XRP price still sees pressure beneath the 200-day Exponential Moving Average.
While writing these lines, XRP/USD changed hands around the $0.83 mark, following a 0.79% surge within the past day. The cross-border transaction altcoin holds its 24hr trading volume ay $1,593,914,211 (Coinmarketcap data).
XRP Price Contemplates Bullish Continuation
The daily price chart shows XRP continuing with lower trade actions after printing a double toke near $0.91. Remember, a double top formation means bearish reversals. Since then, the alternative token plunged to retest levels near $0.78.
Now, buying pressure resurgence might overpower the massive resistance filter standing at 200-day Exponential Moving Average at $0.84. A 24-hour candle close past this level will see XRP exploring the psychological level at $0.90. Such a move can clear the road towards the 23 December peaks at $1.02.
Contrarily, Ripple failing to keep the sessions lows may negate the asset’s bullish arguments. Downward movements might discover the initial foothold around the horizontal support near $0.80. Such actions will mean breaching an ascending trend-line, stretching from the $0.62 lows. Moreover, selling might appear toward $0.75.
Technical Indicators
- Relative Strength Index
The daily RSI hovers beneath the average line, exhibiting neutral bias. Currently, the Relative Strength Index reads at the 51-mark.
- Moving Average Convergence Divergence
The MACD highlights receding bullish strength as the Moving Average Convergence Divergence maintains beyond the central line.
Nevertheless, the remittance token would likely reflect the broad market bias with its actions. Improved sentiment by the global crypto market will see XRP climbing to the $1 target with less hassle.
For now, the market flashes slight drops following remarkable surges over the past couple of days. Nevertheless, analysts predict bullishness in the upcoming trading sessions.
