Bitcoin has added nearly $ 5,000 since it dropped two days ago and approached the $ 57,000 level. However, despite this increase, its dominance in the market fell below 60% as most altcoins have added more value in the past two days. Ethereum is above $ 1,700, BNB is again above $ 250, and Cardano is up to $ 1.20.
Currently, neither bulls nor bears are in control of the market, as some coins are in the green zone, while others are in the red. The cryptocurrency market continues to correlate with the stock market, which is under pressure from the third wave of the coronavirus and constantly arising uncertainties against this background.
XRP / USD technical analysis
Quote of the XRP / USD pair at $ 0.555. The ripple rate today remained low-volatility, as did the leading cryptocurrencies, led by bitcoin. The price cannot gain a foothold above the $ 0.57 level . On the daily chart, the signals remained bullish, but are weak so far. On a 4-hour timeframe, signals indicate a possible correction or consolidation:
Key Support Levels: $ 0.50, $ 0.47, $ 0.45.
Key Resistance Levels: $ 0.57, $ 0.60, $ 0.65.
– The rate remains at the level of the moving average with a period of 50, which is directed upwards and acts as a support, the volumes have increased over the past few days, although they still remain below the average.
– The daily MACD level and signal line remain above the zero level, directed upward at a slight angle, the MACD-histogram is above the zero level in the sell zone, a weakly expressed bullish signal.
– RSI (Relative Strength Index) on the daily timeframe at 60, indicates the predominance of buyers in the market.
XRP is currently correlated with Bitcoin. The $ 0.57 level has been repeatedly tested, and we can probably expect the price to consolidate above it soon. Signals on the daily chart remain bullish, but are weak. The next resistance level is $ 0.60.
The priority option is consolidation above the resistance level of $ 0.57 and further growth to the resistance level of $ 0.60, but perhaps an alternative option will operate on the weekend – the price remains in a sideways corridor, with support at $ 0.50 and resistance at $ 0.57 …
For further growth, XRP needs to gain a foothold above the $ 0.57 level. This will happen if the conditions in the general market and the news background contribute to this (and this is exactly what is happening now).
On trial, XRP is following the general market trend. Long-term, the ripple rate maintains a position for growth, indicators on the weekly XRP / USD chart remain bullish. For further massive growth, the XRP market still lacks the volume that large investors can bring. It is possible that exchanges will actually start listing XRP, which will drive up its price.
The upcoming litigation is now having a decisive impact on the price of the coin. The expectation of a successful outcome allows the price to rise, but does not attract large investors. The news background for Ripple remains ambiguous, but in case of settlement of the conflict with the SEC, the asset will grow.
P.S. Everything written is the personal opinion of the site developers and does not call readers to anything. Be aware of the risks when investing in cryptocurrency.