Ripple XRPUSD price outperforms its crypto peers today as it is 7.27% higher at $0.2087 breaking to the upside the consolidation phase which started mid-December. Crypto investors sentiment improves after the biggest by capitalization cryptocurrency breached above the $7,500 mark. Some analysts argue that the recent rally in cryptocurrencies has to do with rising geopiltical risks in the Middle East.
XRPUSD price peaked at $0.3151 on November 7th, but after that, a sharp correction took place boosted by PBOC comments that send the number three cryptocurrency by market cap down to two year lows at $0.2017.
The XRPUSD capitalization is now at 8.76 billion with volume reaching 2.26 billion in the last 24 hours.
Read our Best Trading Ideas for 2020.
XRPUSD Ripple Price Analysis
XRPUSD today sharp move higher has stalled just shy of the 50-day moving average at $0.2128. The ripple outlook remains bearish despite today’s gains.
Ripple price now needs to clear the first resistance at $0.2110 the daily top. If XRPUSD breaks above that intraday resistance further resistance will be met at $0.2129 the 50-day moving average. A move above will question the bearish trend and might attract more bids for a move higher to the next resistance point at $0.2183 the high from December 16th.
On the flip side, immediate resistance now stands at $0.1946 the daily low; If that low indeed breaks, then XRPUSD might slide to $0.1851 the low from January 3rd. Next strong support provides the low from December 18th at $0.1757.
Don’t miss a beat! Follow us on Telegram and Twitter.
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Nikolas on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.