- Ripple price incredibly breaks losing pattern, posting gains past the $0.2100 key barrier.
- Binance Futures take the XRP market by storm with the launch of XRP futures contracts on Monday.
Ripple’s price is attempting to paint a different picture, far from the not so impressive performance it encountered in 2019. The third-largest cryptocurrency soared incredibly on the first day of the week where the bulls pushed past the barriers at $0.2000 and $0.2100. XRP posted intraday high highs around $0.2162 amid the expanding volatility.
The entire cryptocurrency market is largely in the green with digital assets such as Bitcoin and Ethereum correcting higher 2.5% and 4.82%, respectively. Other major cryptocurrencies performing exceptionally on the day include Bitcoin Cash, NEO, and Dash adding 5.68%, 6.77% and 7.24% in that order.
Ripple’s 2019 downtrend appears to have found a bottom at $0.1734 (traded on December 19). The consolidation that followed failed to breach $0.20 resistance zones in the two weeks’ period that followed. However, XRP continued to have an inclination to higher levels.
XRP/USD 4-hour chart
The break past the descending trendline at $0.1906 couple by the correction above the 50 SMA and the 100 SMA catapulted XRP to the highs mentioned. Besides, the resistance at the 23.6% Fibonacci retracement level taken between the last swing high of $0.3144 and the swing low of $0.1734 did little to stop the surge.
At present, the price teeters at $0.2154 while the RSI holds the ground above 80. As long as the indicator stays above 70, ignoring the overbought conditions, XRP will have the potential to not only stick above $0.2100 but also approach higher levels including the 38.2% Fibo, $0.25 as well as $0.30.
The surge in XRP price on Monday has been directly linked to XRP futures contracts launch on the Binance Futures platform. The perpetual contract is paired against Tether (USDR) and features a 75x leverage.
Ripple Key Technical Levels
Spot rate: $0.2142
Relative change: 0.02
Percentage change: 10% on the day
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige