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XRP/USD Gaining Traction
- XRP/USD gaining traction above 0.2300
- Ripple remains bullish in 2020.
Price action has been choppy for the XRP across the board in the crypto sphere; however, it remains bullish in 2020. The momentum gained from the 200 SMA is favoured by bulls. Consolidating its structure well above the 0.2300 handle, it seems like further highs will be posted in the scenario that the rally will extend on an overall basis.
The resistance level of 0.2512 is capping Ripple, limiting the upside. Ripple took the opportunity to pursue a corrective move in favour of the bears, while still being bullish in the second half of January so far.
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Lack of news has limited moves in the last few days.
No major news crossed the wires over the weekend that could affect crypto space dynamics. As long as the demand in the USD continues to retreat from its gains, the XRP/USD pair will keep its overall move limited. If the pair manages to break above the critical resistance at 0.2323, the bulls will take control of the situation, to reach the next key hurdle around 0.2512. The focus will shift towards 0.2661 in a first-degree once that level is cleared out, and it should strengthen the bullish bias.
Will the path shift bearish?
During a bearish scenario, the next dynamic support lies at the 200 SMA. This scenario is protecting a critical area placed at 0.2059. If such a level gives up, Ripple could plummet towards the 0.1882 level. The aforementioned region served as a strong barrier for the bears during the end of 2019, limiting losses.
Furthermore, XRP will look forward to reaching the 0.1685 level at some point. RSI indicator is still above the 50 level with technical oscillators hovering within the positive territory. While Momentum keeps pointing upwards, favoring the bullish bias acceleration over a short-term view.