Ripple Price Prediction: XRP Is Sandwiched Between Strong Technical Levels
Daily Ripple XRP Technical Analysis
- Both the 1-day and the 4-hour charts show that XRP is trapped between strong levels.
- Poloniex plans on launching perpetual XRP futures soon.
Following a catastrophic December, the bulls have been trying to recover the prices this month. As such, the price has jumped from $0.22 to $0.292.
Image: XRP/USD monthly chart
However, price volatility has been severely limited over the past few days. Let’s find out why with technical analysis.
Ripple Stuck Between 20-day and 200-day SMAs
After dropping below the 200-day SMA this Monday, the price has been trending horizontally for the last two days around the $0.29-level. As things stand, the MACD is still trending in the green, which shows bullish market sentiment. However, it seems like the price movement is going to be severely restricted.
Image: XRP/USD daily chart
The reason behind this uninspiring price movement is because XRP is presently stuck between the 200-day and 20-day SMAs. Even when we shorten the time-frame, we can see that the price is stuck between the 20-bar and 50-bar SMA.
Image: XRP/USD 4-hour chart
The relative strength index is trending around 48, which gives the buyers plenty of room to grow if they want to.
Polonies Launches XRP Perpetual Futures
Poloniex, one of the leading cryptocurrency exchanges, has recently launched XRP perpetual futures. The futures are currently open for trading.
In an official blog post, the exchange noted that their level two XRP futures traders will get up to 20x leverage while level one traders get up to 10x. The exchange added that traders could also receive the highest maker rebates in the industry, deposited when traders post orders.
Poloniex has also offered its traders low taker fees and flexibility to trade across the web, mobile apps, and through APIs. XRP futures traders can also access Poloniex’s API starter kit to get started with API trading in minutes. The popular exchange also announced that the first 200 traders to trade at least 2,500 USDT will win from a pool of 1,000 USDT.
Key Price Levels To Watch For XRP
If the price breaks above the 200-day SMA ($0.3015), it will jump to the 50-day SMA ($0.44). However, a break below the 200-day SMA will take XRP down to the $0.173 support barrier as determined by the price history.