XRP sees double-digit gains as market looks to recover: Technical Analysis
The cryptocurrency market is looking to rebound on Monday after a volatile few weeks. Major coins declined to multi-month lows as the market endured its worst phase in over a year. Bitcoin [BTC] fell below the $4,000 mark briefly on Sunday and is now looking to recover. With concerns over the Bitcoin Cash [BCH] hard fork easing, most coins will likely attempt to remain bullish till the end of 2018. Top altcoin XRP has surged since the bears began to back off and is posting double-digit gains. XRP managed to shield itself from the November crash better than its rivals and had earlier surpassed Ethereum [ETH] in terms of market cap. At press time, XRP has a $4 billion lead over ETH in terms of market cap.
The coin has been trading above the key support level, noted at $0.344, since the latter half of Sunday. The MACD shows that the digital asset is attempting to break into the bullish zone while the 100 EMA line indicates that the token is exhibiting an uptrend. The hourly RSI indicator currently stands at 56.55, implying that the altcoin is experiencing increased buying interest. The token is exhibiting a trading range of $0.373-$0.398, with the coin trading closer to the lower end. At press time, the coin had jumped 10% against the U.S. dollar to trade at $0.375.
The payments-focused virtual currency had edged up 2.3% against a bullish Bitcoin [BTC]. One XRP is currently priced at 0.00009324 BTC.
The past weekend was a mix of highs and lows for XRP, with the coin dropping on Saturday and bouncing back the following day. As of 2200 UTC on Friday, its market cap stood at $16 billion, after which it dropped 18.8% to $13.23 billion in 14 hours – its lowest point this month. After plummeting to the $13 billion mark the coin rose by 18.4% to reach $15.67 billion in 12 hours. At press time, its market cap marginally slipped to $15.15 billion.
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