Ripple Technical Analysis: XRP Bulls In Control For Three Straight Days
Daily Ripple XRP Price Analysis
- Ripple price has flipped the 20-bar SMA in the 4-hour chart from resistance to support.
- The 20-day, 50-day, and 200-day SMAs have converged with each other.
Ripple price has jumped from $0.37 to $0.41 over the last three days as the bulls took back control of the market after Monday’s correction. Let’s take a closer look with technical analysis.
Ripple Price Crosses $0.40 Level
This Monday, the Ripple price drastically dropped from $0.49 to $0.37. Following this drop, the buyers retook control for the next three days, wherein it rose from $0.37 to $0.41. The relative strength index (RSI) is hovering around 61, which shows that XRP still has space to reach the $0.49 resistance barrier before it becomes overvalued.
Image: XRP/USD daily
Looking at the 4-hour Ripple price chart, we can see that XRP managed to crossover the 20-bar SMA, flipping it from resistance to support. Plus, the MACD also shows that the bearish market momentum is steadily decreasing.
Image: XRP/USD 4-hour
SBI Group Introduces XRP Lending
SBI VC Trade, a subsidiary of the popular SBI Group, has recently announced the introduction of lending services for the XRP token. Holders of the asset can now deposit their holdings to earn interests.
Users can deposit 1,000 to 100,000 XRP tokens. The lending period is 84 calendar days. SBI VC launched its lending service back in November. Initially, Bitcoin was the only supported cryptocurrency and the minimum amount of deposit was 0.1 BTC. The company had said that would also add Ethereum lending.
After the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, SBI Holdings had come out in support of the embattled company. In January 2020,
SBI Holdings made it possible for its shareholders to receive their benefit in XRP as well.
Ripple Price Is Expected To Reach These Levels
We can expect the Ripple price to charge towards the $0.49 level. However, this charge will likely trigger another bearish correction.