Ripple’s (XRP) price trades modestly higher on Saturday extending the previous session’s gains. XRP price is looking to form a base to make a quick-uptrend to pierce above February 9 highs of $0.91. However, a retracement below the 50-day Simple Moving Average could test XRP bull’s patience.
- Ripple (XRP) continues to trade in the tight range for two days consecutively.
- Below 50-day SMA price could retest $0.60.
- XRP needs to close above swing highs of $0.92 to set a new uptrend base.
As of press time, XRP/USD is trading at $0.82, up 4.79% for the day. The sixth-largest cryptocurrency by market cap holds a 24-hour trading volume of $2,935,791,911.
As per the analytics firm, Santiment XRP has recorded a 76% spike in XRP “mega whale” addresses since December 2021. Further, they reported a total of 897 million tokens worth over $712 million as of February 18 to their reserves.
XRP looks for another leg up
On the daily chart, XRP has been trading in a medium-term downward channel since November 10. The price has experienced a descent of 59% till date.
Furthermore, the descending trend line from the mentioned level act as a resistance barrier to the bulls. In addition to that price remained pressured below the crucial 50-day SMA in the time period.
Now, after consolidation in late January XRP surged 45% to the swings highs of $0.91, which acted as it the interim upside hurdle. That means to further continue the upside run XRP needs to break away the upside barrier.
A decisive close above $0.91 would motivate investors to open a fresh long position toward $1.0.
On the flip side, if the price sliced the critical moving average at $0.73 then the next support zone could be found near the extension of the bearish slopping line at $0.60.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) reads at 55 with a bullish bias.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline.
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.
About Author
Source: https://coingape.com/markets/ripple-xrp-price-prediction-xrp-consolidates-near-50-sma-below-0-75-bear-will-take-over/