Today is proving to be a very interesting day for most of the cryptocurrency markets. Especially the XRP price seems to be mounting a strong push, as $0.3 is well within reach.
XRP Price Momentum Picks up Again
This past week has been rather neutral for most crypto assets. Some currencies noted losses, whereas others remained stable or gained a small amount. For XRP, the week has yielded a 0.3% gain, which is nearly negligible. Even so, it appears that the XRP price will return to the $0.3 range fairly soon.
With over $1.3 billion in trading volume, one would expect big things from Ripple's native asset. The top market is XRP/BTC on IDCM, whereas every other top 5 pair is XRP/USDT. Very interesting momentum appears on the horizon. That is, assuming Bitcoin doesn't ruin the momentum once again.
XRP/USDT Technical Indicators
Bollinger Bands: There is still some uneasy momentum affecting XRP/USDT at this time. The Bollinger Bands are tightening slightly, further confirming the volatility and liquidity may turn into accumulation. That is not necessarily a bad thing, albeit it will confirm that $0.3 will not act as a support level for the future uptrend just yet.
Moving Averages and RSI: The MA20 is moving up, a sis the MA50. What is interesting is how a bullish cross between the MA50 and MA200 should occur this week. Under normal circumstances, that signals a continuation of the uptrend. For now, today's candle isn't too convincing yet, but the day isn't over either.
Fibonacci Retracement Levels (XRP/USD): A lot of information can be gauged from looking at the Fib levels for XRP/USD. A rejection at the 50% Fib is not too surprising, Dropping below the 38.2% Fib was surprising, as that will now act as a resistance near $0.299.
Resistance Levels: There is plenty of resistance near $0.3, for obvious reasons. Further up the chart are the $0.30814 and $0.32016 levels. Both of those levels may not necessarily come into play for a few days.
XRP/BTC Technical Indicators
Bollinger Bands: The Bollinger Bands for XRP/BTC remain relatively wide, primarily because of the ongoing volatility. This volatility has yielded a lot of bearish momentum, albeit that may be coming to an end fairly soon.
Moving Averages and RSI: There appears to be a bullish crossover on the horizon between the MA20 and MA200. That can signal a trend reversal for XRP/BTC, which is what most people are looking for. The red candles are not necessarily growing smaller just yet, thus it remains to be seen what will happen over the coming days.
Resistance Levels: Ample resistance levels can be found following this recent price dip .Overcoming 2,968 Satoshi will be the first hurdle to clear prior to pushing for 2,998 Satoshi. A push to 3,068 Satoshi is possible following a reversal, but for now, it is best to take things one step at a time.
