- Ripple (XRP) leads altcoins in recovery against Bitcoin.
- Ripple’s recovery above the 200-day SMA set the dice rolling in the right direction.
Ripple has been the focal point in the cryptocurrency market for more than 24 hours. The third-largest digital asset is known for its past tendencies of championing for recovery independently. Although the market has been generally bullion on Wednesday during the European session, XRP growth has towered mainly due to the new XRP/USD perpetual swap contract on BitMEX.
The daily chart for XRP/USD clearly shows that the bulls have been strongly in charge since the beginning of January. The upside commenced with a break above seven-months descending trendline resistance. The upsurge continues throughout January amid the up and down movements in price.
The recovery above both the 50-SMA and the 200-day SMA was the starting of the ongoing bullish correction. Moreover, several analysts including TraderSmokey, a renowned analyst in the cryptocurrency market believed once XRP returned in the 200-SMA zone, it was poised for more upside correction.
$XRP Daily Close Update
Closed above the 200MA + Kumo Breakout on Poloniex, not yet on Binance though. Either way, highly bullish in my opinion.
I could see a small retrace but ultimately I think XRP will run to 3744 Sats in the coming days / weeks pic.twitter.com/8t555MmNHn
— TraderSmokey (@SmokeyXBT) February 5, 2020
Ripple Price Technical
Ripple is doddering at $0.2747 after correcting from an intraday high of $0.2822. The bulls main focus was to break above the seller congestion at the 38.2% Fibo level taken between the last drop from $0.51031 to a swing low of $0.1741. In spite of the downside correction, XRP is largely in the hands of the bulls as reflected by the continued bullish session of the Elliot Wave Oscillator.
XRP/USD daily chart
If a reversal were to occur, the 200-day SMA is in place to offer support. In addition, the 23.6% Fibo at $0.25 is in line to offer support too and top declines towards $0.20.
XRP/USD 15-minutes chart
Ripple Key Levels
Index price: $0.2737
Volume: $55 million
Open interest: $17 million
Trend: Short term bullish
Support: $0.25 and $0.20
Resistance: $0.28 and $0.30