XRP has lost almost 17% since January 2 from a high of $0.8659. Prices are up more than 1% on Saturday from as low as $0.7680. At the time of writing, XRP price is hovering near higher highs.
- XRP extends the previous session’s gains today with a gain of more than 1%.
- Altcoins rise from $0.71351 but struggle near $0.7870.
- Trading volume lost $35.4 in the last 24 hours.
Ripple (XRP) climbs higher in parallel channel
The parallel channel extended from the January 10 low of $0.6984 and saw the price face some resistance near $0.7950 on January 13. This also coincided with the formation of a “Doji” candle, which resulted in a price correction towards the lower trendline of the channel. However, buyers turned back and pushed XRP above the 50-hour SMA (Simple Moving Average) but fell below the 100-day SMA at $0.7935.
Volume is supporting the current price movement. The market cap over the past 24 hours is up more than 1% and is at $37,298,200,534.
Moving on to technical indicators, the RSI (Relative Strength Index) trades at 53 with a bullish crossover. Furthermore, MACD (Moving Average Convergence Divergence) also supports the bullish argument. The unconstrained oscillator trading above the midline is helping the bulls find ground. A decisive break above the 100-day SMA will open the door for the next upside target at the 200-day SMA located at $0.8335. Ripple (XRP) price has been consolidating within a trading range of $0.6980 and $0.7900 since January 6. A new round of buying is possible if the price closes above the day’s high. January 6 is $0.8022.
On the other hand, the downtrend will resume if the price fails to sustain the lower trendline of the ascending channel. Temporary support is located at the top of the channel at $0.7131.
As can be seen on the daily time frame, the MACD remains below the moving averages while the RSI stands at 44. The likelihood of the next lower at the July low at $0.6308 is strong. up on a daily close below the January 10 low.