By Rekha chauhan
Published 8 hours ago Updated 8 hours ago

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

Source: Trading View

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.

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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