Ripple (XRP) price traded modestly higher on Saturday, extending gains from the previous session. XRP price is looking to provide a base to make a rapid uptrend to break above the February 9 highs of $0.91. However, a retracement below the 50-day Simple Moving Average could test the patience of the XRP bull.
Ripple (XRP) continues to trade in the tight range for two days in a row. Below the 50-day SMA price, $0.60 could be retested. XRP must close above swing highs of $0.92 to set a new uptrend base.
At the time of writing, XRP/USD is trading at $0.82, up 4.79% for the day. The sixth largest cryptocurrency by market capitalization has a 24-hour trading volume of $2,935,791,911.
According to the analytics company, Santiment XRP has registered a 76% spike in XRP “mega whale” addresses since December 2021. Furthermore, on February 18, they reported a total of 897 million tokens worth more than $712 million in their reserves.
XRP is looking for another leg up
On the daily chart, XRP has been trading in a medium-term downward channel since November 10. The price has fallen by 59% to date.
Source: Trade View
In addition, the declining trendline from the said level acts as a resistance barrier for the bulls. In addition, the price continued to be under pressure below the pivotal 50-day SMA during that period.
Now, after consolidation in late January, XRP was up 45% to swing highs of $0.91, which acted as the mid-term upside hurdle. That means that in order for XRP to continue the upside run, it has to break the upside barrier.
A decisive close above $0.91 would motivate investors to open a new long position towards $1.0.
On the downside, if the price were to cut the critical moving average at $0.73, the next support zone could be found near the extension of the bearish slopping line at $0.60.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) is at 55 with a bullish bias.
MACD: The moving average convergence divergence (MACD) is holding above the midline.
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This post Ripple (XRP) Price Prediction: XRP Consolidating Nearly 50 SMA, Less Than $0.75 Bear Will Take Over!
was published first on https://coingape.com/markets/ripple-xrp-price-prediction-xrp-consolidates-near-50-sma-below-0-75-bear-will-take-over/
