Ripple (XRP) Price Roars Towards $0.8350 Moves In Upward Channel
XRP has lost almost 17% since January 2 from the highs of $0.8659. The price gains more than 1% on Saturday from the lows of $0.7680. At the time of writing, the XRP price has been hovering near higher levels.
Ripple (XRP) creeps higher in parallel channel
The parallel channel extends from the lows of Jan 10 at $0.6984 and finds the price faces some resistance near $0.7950 on January 13. This also coincides with the formation of a “Doji” candlestick, which results in the price correction towards the lower trendline of the channel. However, buyers make a comeback and push up XRP above 50-hour SMA (Simple Moving Average) but fall short below the 100-day SMA $0.7935.
Volumes are supportive of the current price movement. The market cap in the last 24-hour has built up more than 1% and stands at $37,298,200,534.
Moving on to the technical indicators, the RSI (Relative Strength Index) trades at 53 with a bullish crossover. Furthermore, the MACD (Moving Average Convergence Divergence) also supports the bullish argument. The unbounded oscillator trades above the midline that is helping the bulls find the ground. A decisive break above the 100-day SMA would open the doors for the next upside target at 200-day SMA that is placed at $0.8335. Ripple’s (XRP) price has been consolidating in a trading range of $0.6980 and $0.7900 since January 6. A fresh round of buying could emerge if the price closes above the highs of January 6 at $ 0.8022.
On the other hand, the downside would resume if the price fails to sustain the lower trend line of the upside channel. Interim support is placed at the beginning of the channel at $0.7131.
As can be seen on the daily time frame, the MACD still holds below the midline while RSI stands at 44. The probability of the next lower level at the low of July at $0.6308 would strengthen on a daily close below January 10 low.Source