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.
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