“XRP Retraces To $0.21700 USD, Are Bulls In An Accumulation Phase?”

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XRP/USD continues its impressive growth as the digital asset grew over 9% in the past 24 hours to trade at $0.21795 USD, as at time of writing. The spur in XRP’s price followed the launch of Binance’s XRP/USDT perpetual contracts on 6TH January 2020, giving traders up to 75X leverage on the pair’s trade. However, the bulls seem to be taking an accumulation break as the price retraced to $0.21700 USD in the early Asian trading hours on Tuesday, representing a slight drop from the intraday highs of $0.22500 USD.

XRP/USD retraces to $0.21700 USD

XRP/USD weekly candle settles at key resistance level at $0.21700 USD with a close above this level calling in the start of a bullish momentum on the XRP/USD pair. The rise past the psychological barrier of $0.20 USD set the market sentiments to a bullish bias increasing the upward volatility in line with increased volumes.

A strong past 48 hours from the XRP bulls has seen the price cross above the bearish wedge for the first time since June 2019, during the mega uptrend in the crypto market. A close above the weekly bearish channel will set the bulls free to target major resistance level at $0.30000 USD, a break to which signals the bottom of XRP.

The weekly relative strength index (RSI) oscillates below 50 with a bullish trajectory signaling increased belief in the market turning super-green in coming weeks.

An accumulation period for XRP/USD?

However, despite two consecutive 9% growth daily growth on the crypto and leading the top 65 crypto charts in returns, the daily candle charts do not paint a clear picture of a possible bullish run. XRP/USD has failed to break above the major resistance level at $0.23500 USD as price retraced to intraday lows of $0.21330 USD on Tuesday, closing along a number of long contracts. A failure to break the resistance level will usher in a retracement in price towards the middle band on the 20-day Bollinger bands, which provides near term support.

The retracement signals bulls are cooling down a bit as daily RSI turned bearish from overbought levels as the market consolidates following an unexpected bullish trend in the past two days. All in all, the near term technical indicators shows a possible retracement to $0.21000 USD, in an accumulation phase that looks set to boost the market to $0.23500 key resistance levels.

 

Images sourced from TradingView

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