Despite Bitcoin’s continued bearish or otherwise stagnant price behaviour, Ripple’s XRP gains significantly.
Brief Market Overview:
Currently the world’s premier cryptocurrency is down 0.4% in the day and 1.6% over the week. After hitting a 2-Year low of $15.5k on November 21st, Bitcoin has seen a slight recovery. Since November 21st the Bitcoin has gained value by 1.2, In the past three days from November 23rd, Bitcoin has successfully sustained $16k, which is indeed a good indicator.
While at the moment it clearly seems that the coin is getting support at $16k, resistance is at $17k. If the price mark is breached, Bitcoin may make a move towards $20k.
XRP Price Analysis:
On the other hand, Ripple’s native XRP has again outperformed many major cryptocurrencies, including Bitcoin. Currently trading at $0.40, XRP is up 8.3% in the day and 6.4% over the week. This has made XRP the largest gainer in the day, among the top 10, whereas, the coin comes after BNB in the past 7-days.
As for the technicals, XRP is above the 4-hours 100 simple moving average, and there was a break observed above a major bearish trend line. Further as the 4-hours MACD is losing momentum in the bearish zone, the coin’s RSI is above 50.
Lastly, as for XRP’s price action, the coin has a strong support at $0.39 and $0.36. However, on the upside the resistance will be faced at $0.41 and $0.43. Given if the Bitcoin breaks above $17k, the XRP is projected to surpass $0.50.
It is notable here that the SEC lawsuit is one of the most significant factors that has been driving XRP’s price in the past couple of years. So, a close eye must be kept on the case.