Ripple (XRP) price analysis remains mildly bullish for the day. The price opened higher but the rally fizzled out soon and turned sideways. Investors become a little cautious of the riskier assets after Fed Chair Jerome Powell refrained from any comments toward the U.S. economy and the next rate hike path.
As of press time, XRP/USD is exchanging hands at $0.34967, up 0.18% for the day. The sixth largest coin by the market cap held a 24-hour trading volume of $951,032,811 as per Coinmarketcap.
In the latest development, the coin attracted market attention following the crypto whale activity. According to WhaleAlert, it has been reported that crypto whales have transferred about 385 million to crypto exchanges in the past 24 hours. Apart from a single transaction, many whales had moved about 70 million XRP tokens.
XRP price trades near the descending trendline
From a technical perspective, the XRP price trades in a longer downtrend that extends from the high of $0.39558. The price faces upside pressure near the descending trendline, Bulls attempted to test the trendline on December 27 but lack the strength to close above it.
Again, the price continued its downside move consolidating around $0.33271 XRP price trades above the 21-day Exponential Moving Average (EMA). This signifies the recent bullish sentiment of the upside moves toward $0.35790.
On the other hand, a fall below the session’s low would invalidate the bullish theory. To the lower side, the first downside target could be found at the low of January 6 at $0.3313.
Technical indicators:
RSI: The 4-hourly RSI trades at 50.
MACD: Another oscillator trades above the midline with increasing bullish momentum.
