- The crypto market cap is stuck at $127 billion for two days now.
- XRP/USD remains stable above $0.6: Path pf least resistance is upwards sideways.
The cryptocurrency market sees a correction from the highs recorded just before the just concluded Christmas celebrations. However, the market has been relatively stable from December 25. Besides, the market cap is stuck at $127 billion for two days now.
Meanwhile, Ripple’s XRP is trading in the red on Thursday with declines reaching 3.74% on the day. The asset opened the session at $0.3826 and has recorded intraday highs around $0.3843. Prior to the current gains trimming exercise, XRP not only broke above $0.4, it also brushed shoulders with $0.46. The buyers lacked the momentum to push for recoil towards $0.5 culminating is a bear correction as XRP/USD slipped below $0.40.
Extended declines saw the asset explore the level s below the 23.6% Fib retracement level with the last swing high of $0.46 and a low of $0.3511. The buyers held their ground at $0.36 stopping the bears from causing more damage. However, Ripple’s XRP upside is capped below $0.4. In addition, the 50 SMA on the hourly timeframe chart is standing in the way of upside correction. Marginally above this level the crypto will face more resistance at the 100 SMA currently at $0.3894 in the same range.
Taking a broader look at the chart, we see that Ripple’s XRP has a higher chance of moving upwards and sideways as opposed to correcting lower. This is because of the technical levels shown by some of the indicators applied to the chart. For example, the RSI has avoided the oversold region in spite of the retracement in the last few days. Likewise, it is revamping the trend upwards at the time of press while the DMI on the same chart is horizontal at 24.90, to show that that this strength to continue in the coming sessions.
XRP/USD 1-hour chart
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