Ripple (XRP) price edges higher after the previous day’s sell-off. The move is primarily sponsored by the improved risk appetite among investors after Russia withdraws troops. Russian President Vladimir reported that following a discussion with his German counterpart, Olaf Scholz a decision has been taken to partially withdraw forces.
- Ripple’s (XRP) price manages to trade higher on Friday.
- Expect more gains if trades above $0.85 on a daily closing basis.
- XRP plying between $0.75 and $0.90 level for the past few sessions.
As of writing, XRP/USD is trading at $0.79, up 3.39% for the day. The 24-hour trading volume stands at $3,007,145,354 recording more than 25% of gains. An increased volume with price gains suggests the continuation of the uptrend.
XRP looks for more upside
On the daily chart, Ripple’s (XRP) price has shown a healthy retracement after making the swing highs near $0.91. The reason we are calling it healthy is that it is part of a bullish reversal pattern ‘Cup & Handle’.
XRP price had dropped 49% from the highs of $1.08 made on December 23. Furthermore, the downside has been paused as the price consolidates in late January holding near $0.55. Investors rallied almost 65% since then defying the previous downtrend.
Currently, the price action is hovering in the range of $0.75 and $0.91, XRP bulls are gathering the pace near the lower range of the consolidation to break the upper trading range. The basis of our assumption is the formation of the green candle following the previous day’s red candlestick.
XRP has to take out three hurdles, the first is placed at the $0.87 horizontal resistance line followed by the highs of December 27 at $0.96. The final upside target could be found at $1.0.
On the other hand, if the price fails to sustain the session’s lows then the price could retreat toward $0.70.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) has been inching higher after the latest retracement near 44.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline with a neutral stance.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/101149-2/