Price Analysis

Ripple’s Price Jump Gets Investors Fidgety; Hits New Weekly High

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  • XRP has tested the resistance level of $0.21 for the first time after mid-December
  • Ripple has just formed a bullish candle after it corrected down a bit near $0.20
  • The bullish momentum may remain intact if the coin manages to stay above $0.20
  • RSI is set to enter the neutral zone after it explored the over-bought phase; moving averages give a positive outlook

Ripple has just experienced a strong and sharp bullish price move while Bitcoin has been maintaining its mild uptrend since the last one day. With this, finally, the crypto market has taken an optimistic turn in the first week of 2020. Notably, Ethereum has traced a clearer price escalation, as it has recently managed to trade above $140 from its today’s opening price of $135.22.

Yesterday morning’s price actions of Ripple seem to be lacking a momentum. The coin kept ranging between $0.1931 to $0.1973 for a whole day and it closed in the same price range. If we compare the recent price escalation with yesterday’s opening price, it has surged by more than 9%.

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Today, XRP had sustained a mild uptrend till 8:00 UTC. After that, it has sharply surged clearing major resistance levels near $0.20. The coin slipped down a bit after it faced a rejection above $0.2125. At $0.2094, where XRP has corrected down, it has formed an initial support level. The coin is currently heading to cross the 0% Fib level. 50% Fib level seems to be one of the key support levels here. At 12:19:17 UTC, Ripple is trading at $0.2117.

XRP/USD Price Chart

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XRP/USD Chart By TradingView

RSI is above 70 noting an over-bought momentum with a bullish bias. Meanwhile, MACD is about to have a bearish crossover. Bollinger bands are clearly showing a volatile phase for the coin while SMA lines are indicating bullish spell as the short term SMA line is on the upside. Now when the much-needed price boost has occurred, it is to be seen whether XRP manages to further the bullish impact.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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