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HomeAnalysisXRP above $0.51 as bulls seek new uptrend

XRP above $0.51 as bulls seek new uptrend

XRP traded as low as $0.5429 before correcting towards the $0.51 level.

Current XRP rate

XRP is set to climb higher and break recent highs after a horrific fall following the SEC lawsuit. It didn’t help that several major exchanges either suspended or removed XRP from listing while Grayscale Investments postponed the opening of the XRP Trust as well.

Last week, Ripple released its XRP market report for Q4 2020, in which the company denounced the impact of the SEC’s December lawsuit in the United States. According to Ripple, XRP missed a 50 percent rally due to the damaging effects of the fees as seen in the rest of the market.

“In this case, at least $ 15 billion of XRP value was lost in the open market. This does not take into account the 50% rally of the rest of the crypto market in the same period”.

An attempt to break out did not last either, as prices tumbled quickly and trading in cryptocurrencies was after lows of $0.7550 with further lows around $0.3589.

But recently an upward trend has been revived. This follows a general surge in altcoins and specific XRP messages from around Japan’s SBI Holdings. The investment giant announced last week announced that they would support the XRP-lending through its subsidiary SBI platform VC Trade. XRP is the second cryptocurrency on the SBI credit platform. The other is BTC.

XRP course outlook

XRP/USD is trading at $0.5139, up 6% over the past 24 hours and nearly 33% over the past week.

This week the XRP/USD pair has mapped four consecutive green candles, with the recent drop from highs of $0.5429 just below the 0.5 Fibonacci retracement level of the drop from $0.7900 to $0.1684 is in the last two months of 2020.

Although the coin has fallen from February 10 highs of $0.5429, it remains above an ascending support trendline.

Ripple course outlook
XRP/USD daily chart. Source: TradingView

A look at the daily chart shows that the MACD and RSI signals support a continuation of the uptrend. The bulls’ main target is the Fibonacci retracement level of $0.618 at $0.5538.

If the upside pushes XRP above the hurdle, $0.6586 would be the next focus. Whereby an increase to the previous high of $0.7500 offers additional urgency. The uptrend could then extend to the three-month high of $0.7900.

On the contrary: increasing selling pressure around current prices or the next hurdle could mean a change of direction. A retreat to the 0.5 Fibonacci retracement level ($0.4802) could give bears an opportunity to target the zone below trendline support. With the 100 SMA at $0.3892 and an old horizontal support line at $0.3269 providing additional buffer zones.

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