Ripple’s (XRP) price has been trading quietly on the first trading day of the week. XRP price action finds some reliable support near the 50-day EMA (Exponential Moving Average) at $0.74 to seek the potential upside toward $1.0.
- Ripple’s (XRP) price trades in a tight range on Monday.
- USD hovers near 96.0 as Ukraine-Russia tension intensifies.
- Investors seek reliable support near the 50-day EMA.
As of press time, XRP/USD is trading at $0.78, up for 0.59% for the day. The sixth-largest cryptocurrency by market cap is having a 24-hour trading volume of $2,949,057,188 with a loss of more than 18% as per the CoinMarketCap.
XRP price looks for an upside signal
On the daily chart, Ripple’s (XRP) price has been facing some downside pressure near-critical 200-EMA (Exponential Moving Average) at $0.88. The formation of a ‘symmetrical triangle’ indicates some consolidation near the short-term trading range of $0.75 and $0.90.
XRP/USD records an ascent of 45% from January’s lows of $0.54 with the swing highs of $0.91. After the current retracement XRP price has the potential to rise 33% from the current levels.
On the flip side, the ascending trend line from the 2022 lows acts as a support for the bulls. But a resurgence in the selling pressure could threaten the critical support level.
Furthermore, on the downside, immediate support could be found at low of February 7 at $0.67. Next, market participants could target the lows last seen in July at $0.50.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) has been oscillating between 60 and 55 below the average line indicating the continuation of the sideways movement.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline with receding momentum.
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