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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the writer.
- XRP could trade within the range of $0.3687 – $0.3783 or exceed it.
- Demand in the derivatives market remained positive.
Vibe [XRP] recovered in the last two weeks to press time. However, two hurdles prevented it from reaching the $0.4000 mark.
At press time, XRP was trading at $0.3761 and seemed stuck within the $0.3687 – $0.3783 range after a recent massive rally.
Although the bears were on site, as evidenced by the long tail wicks, the bulls had the upper hand and could retest and push above the upper end of the range at $0.3783.
Read undulation [XRP] price prediction 2023-24
Ripple in the range of $0.3687 – $0.3783: Is a retest or bullish breakout likely?
Source: XRP/USDT on TradingView
The Relative Strength Index (RSI) was in the overbought zone on the 12-hour chart, showing strong buying pressure. Therefore, XRP bulls could try to retest or break above the upper limit of the $0.3687 – $0.3783 range in the next few hours/days.
A close of the candles above the current trading range will give the bulls momentum to target $0.4000. However, the bulls need to clear the hurdle between $0.3915 and $0.3953 to get close to the high from December last year.
Alternatively, the bears could gain leverage and push Ripple below the current trading range, invalidating the previous bias. However, such a downtrend could cool off at the 100-period EMA of $0.3665 or the range of $0.3545 – $0.3608.
Also, the overbought condition, as shown by the RSI, makes XRP ready for a price reversal. Therefore, investors should keep track Bitcoin [BTC] price action to measure the movement of XRP before making decisions.
Is your wallet green? review the XRP Profit Calculator
The demand for XRP in the derivatives market remained positive, but…
Source: Feeling
Demand for XRP in the derivatives market has remained relatively positive since January 4, as evidenced by Binance’s positive funding rate for the XRP/USDT pair. At press time, Binance’s funding rate was still positive, reinforcing considerable demand for XRP on the derivatives market.
However, weighted sentiment was slightly below the neutral line and trading volumes had gradually decreased at the time of writing. This shows that analysts were slightly bearish on XRP, and falling volumes could undermine the uptrend momentum needed to break out of the current trading range.
Investors need to monitor the performance of BTC in order to pin the price movement of XRP more accurately. At press time, BTC faced price rejection at the $19,000 mark. Therefore, if BTC convincingly breaks out of the $19,000 level, it could cause the XRP bulls to break out of the current range and target the $0.3915 – $0.3953 resistance range.
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