This week is the first bullish week for the cryptocurrency since extremely bearish conditions overcame the market in mid-November.
While XRP started the week extremely bullish surging from around $0.28 to above resistance at $0.35, XRP has spent the rest of the week trading between $0.35 and $0.4.
$0.39 to $0.4 is an area of resistance for XRP, and after three tests, price retraced back to support at $0.35 amid the market declines on Friday.
It has since started to rise again, and momentum is building on the side of buyers once again with both the MACD and the RSI increasing, both measures of momentum.
The hourly chart provides a closer look at how recent price action has traded.
Although price dropped below $0.35 on a number of occasions, it rose back up each time showing this to be an important support level.
Price also retraced quickly on each test of the $0.39 to $0.4 area showing significant resistance coming in to play at this point.
How price action develops from here is likely to depend on the general direction of the market.
While this week was the first bullish week since extremely bearish conditions overswept the market, it is questionable whether these bullish surges can continue.
Some well-known figures in the cryptocurrency world are predicting that the bottom is in for cryptocurrencies and it is all smooth sailing from here.
I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.
— Joseph Lubin (@ethereumJoseph) December 21, 2018
- XRP surges from below $0.3 to test $0.4 multiple times this week as the market changes to bullish conditions.
- $0.35 and $0.39 to $0.4 are the key levels to now monitor for price action.
- Buyer momentum is increasing with both the daily MACD and RSI increasing. The future direction of XRP is likely to depend more on the direction of the overall market.
Ripple’s XRP on the Rise After Price Drop was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.