U.S. equity gains traction amid risk-on mode. Bitcoin gained 1%, while Ethereum rose 2%
Ripple (XRP) price trades on edge as volatility sharpens amid a risk-on mood. The price opened higher but could not sustain the gains, and retrace lower. While Ripple is looking forward to having a favorable case against the U.S Securities and Exchange Commission (SEC), its native currency XRP is just a few cents below hitting $0.40.
At the time of publication, XRP /USD is exchanging hands at $39, up 1.04 for the day. The 24-hour trading volume of the sixth-largest cryptocurrency stands at 887.22M.
In the recent development, the blockchain tracker and whale-surveying platform Whale Alert, whales are transferring in separate three transactions moving a total of 332,194,839 valued at about $129,501,410 billion.
XRP looks for more gains above
From a technical perspective, looking at the daily chart, the XRP price has been fluctuating below $0.40. For the past few sessions, the price has been trading above the 50-day Exponential Moving Average (EMA) and is expected to continue with the bullish momentum in the short term.
While XRP is currently inside an overbought zone and has an RSI value of 60.25, we can anticipate a retracement of its recent gains. Another momentum oscillator, the Moving Average Convergence Divergence (MACD) holds above the midline with receding bullish momentum.
If the bulls failed to close above the session’s high, it is likely to revert to the ascending trend line. The trend line extends from the low of $0.33 and acts as a support for the bulls.
A drop below the 50-day EMA placed at $0.37 would pave the path for $0.35.
On the contrary, a resurgence of buying pressure could see $0.41 on the higher side.