The cryptocurrency market has slightly improved after a slow start to the week and could record further gains in the coming hours
The cryptocurrency market had a slow start to the week, with Bitcoin and other major cryptocurrencies recording losses yesterday. However, things are starting to turn around for BTC and the others. Bitcoin is up by more than 2% at the moment and is trading above the $45,000 mark.
Ether has surpassed the $3,300 resistance level after rising by nearly 4% in the last 24 hours. The other major cryptocurrencies, including Cardano (ADA), Binance Coin (BNB), Solana (SOL), Polkadot (DOT) and Dogecoin (DOGE), are all up significantly over the past few hours.
XRP isn’t left behind, with Ripple’s native coin now up by 3% over the past 24 hours. If the cryptocurrency can maintain its current momentum, it could recover some of the losses it incurred over the past week and aim for a better performance in the coming hours and days.
XRP price outlook
The XRP/USD 4-hour chart is still in bearish territory, thanks to its performance over the past week. However, XRP is slowly turning the situation around after rising by more than 3% over the past few hours. The RSI of 46 means XRP is heading towards the neutral zone after being oversold yesterday while its MACD line is closer to the bullish intersection.
XRP/USD 4-hour chart. Source: TradingView
XRP has surpassed the $1.0710 pivot level and is now looking to break past the first major resistance level at $1.1192. If the current market conditions persist, XRP could soon surpass that price level. However, XRP would need the support of the broader cryptocurrency market to test resistance at $1.20 levels. In that case, it could likely test the resistance levels at $1.20 before any pullback.
However, failure to test the first major resistance level at $1.1192 could see XRP fall back towards the $1.0710 pivot level. This could bring the first major support level at $1.0164 into focus over the coming hours. Unless there is an extended period of market sell-off, XRP should comfortably steer clear of the sub-$1 levels. XRP could quite possibly surpass the $1.20 levels in the coming hours.
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Author: Hassan Maishera