Ripple’s XRP trades above $0.40, as the premier cryptocurrency Bitcoin surpasses $17k for the first time since November 15th.
A Brief Market Overview:
Currently trading at $16.8k Bitcoin is up 2.4% in the day and 2.1% over the week. Given the Bitcoin does not take a dip, it would be only the second greed day for the coin in during the past 7-days. Further, hours ago, Bitcoin broke above $17k for the first time in two weeks.
Since November 15th, Bitcoin has remained rather stagnant with price changing by only -1.2%. In numbers the price difference between the highest level and the lowest level was $1.6k.
Now, this recent break through above $17k may turn the Bitcoin bullish, at least for the time being. The increase in price is also seen by many as the end of the bear market. But this is obviously a bit wishful to assume as Bitcoin’s volatility has not returned yet.
XRP Price Analysis:
Similar to Bitcoin, Ripple’s XRP is currently trading above $0.40. XRP has hung on to $0.35 since November 22nd. Since then the coin has gained value by 10%. It is clear that while Bitcoin has multiple support levels above $0.35, it is facing resistance at $0.41. Currently trading at $0.40, XRP is up 2.1% in the day and 6.1% over the week.
Assuming that the Bitcoin returns above $17k and Bitcoin breaks above $0.41, the next would be at $0.45. While at the current level XRP is trading above $0.380 and the 100 simple (4-hours) moving average, There is a key bullish trend line forming with support near $0.381 on XRP’s 4-hours chart. So, $0.41 is a key resistance level, if surpassed, XRP could then make a move above $0.45.