By Alicia Maher
For now, Ripple’s price appears to recover from its intraday lows. That follows improved market sentiments.
XRP/USD Market
- Resistance zones – $1.30, $1.35, and $1.40
- Support zones – $0.95, $0.90, and $0.85
XRP-USD Daily Chart
Early Asian sessions today saw XRP-USD regaining some grounds as multiple sell-offs that saw the token hitting $1.11. While writing this content, the token exchanges hand around $1.14. That is after the altcoin rose by 0.2% early on Monday. However, the crypto still settles beneath the 9- and 21-day MAs regardless of the recovery. With its market cap standing at $53.1 billion, XRP ranks 6th.
XRP Might Defend Support at $1.000
As Ripple recovered from its daily lows at $1.11, it has its price consolidating beneath the 9- and 21-day MAs. Meanwhile, the crypto requires extended moves over $1.20 to improve its technical outlook and produce bullishness to the coin. However, the asset has tested the resistance mentioned above as the pair lacked enough bullishness to rally higher.
According to the daily chart, the asset has its recovery capped beneath the $1.14 MAs. If XRP overpowers these levels, it will see upside movements as bulls target the congestion territory at $1.20. With that, XRP-USD’s resistances to the upside will be $1.30, $1.35, and $1.40. Meanwhile, the support zones lie near $0.95, $0.09, and $0.85.
Against BTC, XRP moves around 2,372 SAT beneath the 9- and 12-day MAs. However, the asset retreats after attaining its daily record high at 2,378 SAT earlier today. Meanwhile, the Ripple token continues to range as the 9-d MA crosses beneath the 21-day Moving Average.
XRP-BTC Daily Chart
If sellers continue to dominate the asset’s network, XRP price against Bitcoin might plunge towards 2,000 SAT and beneath. For now, the RSI (14) stays over the 50 levels as the token consolidates inside a price channel. If bullishness steps up to control the market, the XRP-BTC pair will move towards the resistance at 2,700 SAT and above.
Ripple network requires the best catalysts to trade at the higher price levels. The token will have to take advantage of the overall market rally to surge.
What are your views about XRP movements? Comment below.