XRP price consolidates in a very tight range with very limited price action. The price attempted to breach the critical resistance barrier but failed to do so. Investors await a break out of the short-term trading range of $0.80 and $0.90 to set the new directional bias.
- XRP price trades in a very tight range with no meaningful action.
- A decisive close above $0.90 will pave for the next upside target at $1.0.
- Further, the price remains pressured below the 200-day EMA.
As of press time, XRP/USD is trading at $0.83, up 0.79% for the day. The eighth-largest cryptocurrency by market cap is holding a 24-hour trading volume of $1,593,914,210 according to the CoinMarketCap.
XRP price looks for bullish continuation
On the daily chart, the XRP price continues to trade lower after forming a ‘double top’ formation near $0.91. A double top pattern is a bearish reversal formation. Since then the price retested its lows around $0.78.
Now, a renewed buying pressure could surpass the strong resistance filter placed as the 200-day EMA (Exponential Moving Average) at $0.84. A daily close above the mentioned level will first meet the psychological level of $0.90
Next, market participants would target the December 23 highs at $1.02.
On the contrary, if the price fails to sustain the session low then it would negate the bullish arguments for the asset. On moving downward, the support could be located at the horizontal support at around $0.80.
This will also mark the breach of the ascending trend line, which is extending from the lows of $0.62. More selling could be witnessed toward $0.75.
Technical indicators:
RSI: The daily Relative Strength Index hovers below the average line with a neutral bias. Currently, it reads at 51.
MACD: The Moving Average Convergence Divergence indicates receding bullish momentum while it still holds above the central line.
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