Ripple’s XRP Surges With Market to Re-enter Previous Trading Range

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XRP/USD Daily Chart:

XRP Daily Chart – Source: Tradingview.com

For most of last week, Ripple’s XRP had been trading in a range from $0.29 to $0.31.

The bearish market conditions on Thursday resulted in XRP breaking below this range.

XRP has since recovered along with the rest of the market today and has reentered the range.

BTC/USD Hourly Chart:

Bitcoin Hourly Chart – Source: Tradingview.com

Prices have started to recover today as market leader Bitcoin overcomes resistance at $3300.

XRP and Bitcoin have had closely related performances recently, and both surged over the space of an hour to overcome their key resistance levels.

XRP/USD Hourly Chart:

XRP Hourly Chart – Source: Tradingview.com

While XRP tested the lower end of the range over the weekend, it managed to surge over an hour to re-enter the trading range.

Price currently trades around the center of the range at a value of approximately $0.3.

XRP is likely to continue to mirror the performance of market leader Bitcoin from here.

Momentum is more on the side of the buyers in Bitcoin and XRP with both the hourly MACD and RSI increasing in both.

Key Takeaways:

  • XRP reenters trading range from $0.29 to $0.31 as both Bitcoin and XRP surge over the space of an hour.
  • Both Bitcoin and XRP have been performing similarly as of recent and however, XRP moves from here is likely to be linked to how Bitcoin performs.
  • The buyer momentum is on the side of buyers in both Bitcoin and XRP as the hourly MACD and RSI increase in both.
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