Choose your language:
The cryptocurrency market has slightly improved after a slow start to the week and could record further gains in the coming hours
The cryptocurrency market had a slow start to the week, with Bitcoin and other major cryptocurrencies recording losses yesterday. However, things are starting to turn around for BTC and the others. Bitcoin is up by more than 2% at the moment and is trading above the $45,000 mark.
Ether has surpassed the $3,300 resistance level after rising by nearly 4% in the last 24 hours. The other major cryptocurrencies, including Cardano (ADA), Binance Coin (BNB), Solana (SOL), Polkadot (DOT) and Dogecoin (DOGE), are all up significantly over the past few hours.
XRP isn’t left behind, with Ripple’s native coin now up by 3% over the past 24 hours. If the cryptocurrency can maintain its current momentum, it could recover some of the losses it incurred over the past week and aim for a better performance in the coming hours and days.
The XRP/USD 4-hour chart is still in bearish territory, thanks to its performance over the past week. However, XRP is slowly turning the situation around after rising by more than 3% over the past few hours. The RSI of 46 means XRP is heading towards the neutral zone after being oversold yesterday while its MACD line is closer to the bullish intersection.
XRP/USD 4-hour chart. Source: TradingView
XRP has surpassed the $1.0710 pivot level and is now looking to break past the first major resistance level at $1.1192. If the current market conditions persist, XRP could soon surpass that price level. However, XRP would need the support of the broader cryptocurrency market to test resistance at $1.20 levels. In that case, it could likely test the resistance levels at $1.20 before any pullback.
However, failure to test the first major resistance level at $1.1192 could see XRP fall back towards the $1.0710 pivot level. This could bring the first major support level at $1.0164 into focus over the coming hours. Unless there is an extended period of market sell-off, XRP should comfortably steer clear of the sub-$1 levels. XRP could quite possibly surpass the $1.20 levels in the coming hours.
Check out our how to buy XRP page here
Keep updated with our round the clock and in-depth cryptocurrency news.
No SPAM ever!
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.
Choose your language: