XRP’s recent uptrend has been stopped by the $0.48 level, where the cryptocurrency encountered major resistance
Fundamentals and past price performance
XRP has outperformed the vast majority of the crypto market during the “red week,” as well as performing quite well in recent days. However, bulls have now faced major resistance at the $0.48 level. After failing to break this level twice, XRP has descended slightly and is now fighting for $0.45.
When it comes to its fundamentals, not much has changed for XRP in recent days. Stuart Alderoty, a member of Ripple’s General Counsel, posted a tweet that the company filed an answer to SEC’s amended complaint.
We’re looking forward to learning more about the SEC's meetings with major XRP market participants who asked for guidance but were never told that XRP txns would be subject to the federal securities laws. Full filing here 2/2 https://t.co/lnzkQK7sX3
— Stuart Alderoty (@s_alderoty) March 5, 2021
XRP managed to gain 6.56% week-over-week. When compared to other cryptocurrencies, this number outperforms both BTC’s 2.77% gain and ETH’s 0.82% gain. XRP is currently the 7th-largest cryptocurrency by market cap, boasting a value of $20.81 billion.
At the time of writing, XRP is trading for $0.459, which represents a price decrease of 25.64% when compared to the previous month’s value.
XRP/USD daily price chart analysis
XRP has been slowly trending up for four days already, with today being (seemingly) the day of reversal. Taking a look at the daily chart, we can see that XRP encountered strong resistance at the 50% Fib retracement level of $0.48, which failed to break both yesterday and today. This prompted a price reversal, which brought XRP to its current price.
The cryptocurrency found its support in the 50-day EMA, which sits slightly above the $0.45 level. XRP will need to post a daily candle close above this level if it wants to have another go at breaking $0.48.
XRP’s RSI on the daily timeframe has been moving around the middle of the value range for over a week now. Its RSI is currently in neutral territory, with a value of 48.65.
XRP/USD hourly price chart analysis
XRP’s hourly timeframe shows us the steady price increase that began on 28 February has stopped today. The move stopped moving up once XRP created a double-top formation, basically “calling” for a reversal.
XRP is currently fighting to stay above the $0.45 level, with its price between the 21-hour and 50-hour EMAs.