Does Ripple (XRP) Hold a Possibility of a Price Rally Any Soon?
XRP trades stagnantly around $0.19 for a fortnight now, with a few traces around $0.18 price area. The major resistance for the coin lies around $0.20, which was last hit by XRP/USD on December 17, 2019. With this, the market cap has been seen consolidating around $8.5 billion. The major resistance that the coin is currently facing is around $0.198, to have a persistent trade above $0.20 again.
Yesterday, many altcoins, including ETH, BCH, BSV, etc., have shown an impressive intraday movement, but today, while we sit back and enjoy the last day of the decade, all the major cryptocurrencies are trading in the red.
BTC faced a major rejection of around $7,500 and is trading at $7,271.4, at the press time. As per the current momentum and trend of XRP against USD, we foresee a massive price rally.
$XRP is so ready pic.twitter.com/WpYMh6oBPa
— Sir Gordon (@gordongekko369) December 29, 2019
This can be rightly anticipated due to support from the imminent moving averages, and we believe that the initial months of the upcoming year with creating some adrenaline rush.
Ripple Price Analysis
Analyzing the hourly movement of XRP against USD, we see that the coin has been notably consolidating around $0.19 price zone. If most of the buyers fix the price above $0.195, it is likely to rally towards $0.20—the ultimate milestone. However, if the buyers are unable to sustain the fixed price around the said zone, it is likely to slide up to $0.19000. The 20-day Bollinger Bands laid on the chart exhibit a moderate opening, and we project a short-term price rally. As observed, the coin has hit the lower Bollinger Band to a major extent in the given time frame.
Having said that, the laid BTC chart simultaneously also shows a kind of similar movement as it corrects around $7,200. The major support is provided by the 49-day MA around $0.195, which happens to be the deciding price area (as mentioned).
Technical Indicators
The MACD of the coin is running below zero and holds a slight bullish crossover due to a positive intraday move from moving adjacent to overriding the signal line.
The RSI of Ripple coin is at 49.04 and holds no extremities at present.
