Buying on Ripple [XRP]? You must read this before moving on

Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and is the opinion of the author only.

  • XRP could trade in the $0.3687-$0.3783 range or break above it.
  • Demand in the derivatives market remained positive.

ripple [XRP] Collected within the past two weeks up to the time of publication. However, there are two hurdles that prevented it from reaching the $0.4000 mark.

At press time, XRP is trading at $0.3761 and appears to be trapped in the $0.3687-$0.3783 range after the recent massive rally.

Although the bears were in place, as evidenced by their long tails, the bulls had the upper hand and managed to retest and push above the upper bound of the range at $0.3783.

Read waves [XRP] predict the price 2023-24

Ripple in the range $0.3687 – $0.3783: Is a retest or break-up likely?

Source: XRP / USDT on TradingView

The 12-hour chart’s RSI is in the overbought territory, indicating strong buying pressure. Therefore, the XRP bulls might try to retest or breach the upper bound of the range $0.3687-$0.3783 in the next few hours/days.

A candle closing above the current trading range will give the bulls the impetus to target $0.4000. However, the bulls need to clear the barrier between $0.3915 and $0.3953 to get close to last year’s December high.

Alternatively, bears may gain leverage and push ripple through the current trading range, negating the above bias. However, such a downtrend might subside at the 100-period moving average of $0.3665 or the range $0.3545-$0.3608.

Additionally, the overbought condition, as indicated by the RSI, makes XRP ripe for a price reversal. Therefore, investors should keep track of bitcoins [BTC] Price action to gauge the movement of XRP before making a decision.

Is your wallet green? paying off XRP Profit Calculator

Demand for XRP in the derivatives market remains positive, but…

Source: feeling

Demand for XRP in the derivatives market has been relatively positive since January 4, as evidenced by Binance’s positive funding rate for the XRP/USDT pair. At the time of publication, Binance’s funding rate is still positive, fueling the significant demand for XRP in the derivatives market.

However, weighted sentiment is just below the neutral line, and volumes are gradually declining at the time of writing. This shows that analysts were somewhat bearish on XRP, and lower volumes could undermine the upside needed to break above the current trading range.

Investors should monitor the performance of BTC to more accurately determine the price movements of XRP. At the time of publication, BTC is facing a price rejection of $19,000. Therefore, if BTC convincingly breaks the $19,000 level, this could push the XRP bulls to break out of the current range and target the $0.3915-$0.3953 resistance range.

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