Bitcoin and other crypto tokens were trading higher on Monday amid positive cues in the riskier asset class market. The move in altcoins was steep on the back of global recession signs and positive macroeconomic cues. Issuers work to refile their bitcoin ETF applications after the US SEC’s comments.
Ripple (XRP) is currently in consolidation phase after facing rejection at $0.50. After recording short-term gains last month, the asset is trying to regain momentum past two weeks of weak price action.
Image: Chart-XRP
XRP is trying to break its 100-day moving average, which acts as pivotal resistance. A break above this could lead the asset towards $0.60. On the other hand, $0.45is a key support level with $0.40 providing the final line of defence, beyond which XRP might experience a sharp decline. Its RSI continues to move sideways in a neutral zone reflecting weak buying activity.
Major Levels:
Support: $0.45, $0.40
Resistance: $0.53, $0.60(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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