The cryptocurrency market has improved slightly after a slow start to the week and could see further gains in the coming hours
The cryptocurrency market got off to a slow start to the week, with Bitcoin and other major cryptocurrencies posting losses yesterday. For BTC and the others, however, things are starting to turn. Bitcoin is currently up more than 2% and is trading above the $ 45,000 mark.
Ether broke the $ 3,300 resistance level after rising nearly 4% in the past 24 hours. The other major cryptocurrencies, including Cardano (ADA), Binance Coin (BNB), Solana (SOL), Polkadot (DOT), and Dogecoin (DOGE), have all risen significantly in the past few hours.
XRP isn’t lagging behind, with Ripple’s native coin up 3% in the past 24 hours. If the cryptocurrency can maintain its current momentum, it could make up some of last week’s losses and aim for better performance in the hours and days to come.
XRP price outlook
The 4-hour XRP / USD chart is still in bearish territory thanks to its performance over the past week. However, XRP is slowly turning the situation around after rising more than 3% in the past few hours. The RSI at 46 means that XRP is moving 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 crossed the $ 1.0710 pivot level and is now trying to break the first major resistance level at $ 1.1192. If current market conditions persist, XRP could soon cross this price level. However, XRP would need the support of the broader cryptocurrency market to test resistance at a $ 1.20 level. In that case, it could likely test resistance levels at $ 1.20 before pulling back.
However, if the first major resistance level at $ 1.1192 is not tested, XRP could fall back towards the $ 1.0710 pivot level. This could bring the first major support level at USD 1.0164 into focus in the coming hours. Unless there is an extended period of market sell-off, XRP should comfortably stay away from the levels below $ 1. XRP could potentially cross the $ 1.20 mark in the coming hours.