Ripple’s (XRP) price finds some foothold near $0.70 as the fresh trading week begins. But XRP moves in a very tight range of $0.70 and $0.73 with no significant movement. The current price action suggests investors are looking for a catalyst to set further directional bias.
- Ripple (XRP) edges higher on Monday with minute gains.
- A decisive close above $0.80 will continue with upside momentum.
- Momentum oscillators remain neutral indicating a continuation of sideways momentum.
At the time of writing, XRP/USD is trading at $0.72, up 0.79% for the day. The 24-hour trading held at $2,812,944,926 marking gains of 26% as per the CoinMarketCap.
XRP stick to modest gains on the daily chart
Ripple (XRP) has been moving inside the ‘Symmetrical triangle’ since February 3. XRP enters into consolidation in late January and surged 65% to touch the tops of $0.91. But investors fail to maintain the momentum and retreated toward $0.68.
The current price action offers some exciting buying opportunities near the stable support level. A continued buying pressure could push XRP price to retest the highs of $0.79 made on February 26. This also coincides with the descending trend line of the symmetrical triangle.
A decisive close above the mentioned level would further keep its eye on the critical 200-EMA at $0.87. This move would constitute a 20% ascent, and the XRP is more likely to move toward $0.92 to collect the liquidity.
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On the flip side, a lower breakout of the price would invalidate the bullish outlook for the asset with the interim support near $0.62.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) hovers below the average line while reading at 47.
MACD: The Moving Average Convergence Divergence (MACD) trades below the mid-line with a neutral bias.
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