XRP remains dormant while whales accumulate

  • Currently, the bulls are struggling to break above the 50-day SMA curve.
  • Repeated rejections may drop XRP to 200-day SMA ($0.22) or the lower boundary of the descending parallel channel ($0.20).
  • Breaking past the 50-day SMA can push the price up to $0.31.

XRP/USD is currently priced at $0.25 and is struggling to break above the descending parallel channel. The 50-day SMA curve has turned out to be a powerful resistance level, which has so far pushed the price down and prevented the cross-border remittances token from truly blossoming, while the rest of the crypto market enjoyed significant gains this Friday. As previously reported, Bitcoin is aiming for $12,000, while TRX is eyeing up $0.031. So, what’s preventing XRP from enjoying similar gains? Let’s take a look at the technical picture.

XRP/USD daily chart

XRPUSD daily chart

The price is still contained between the 50-day SMA and 100-day SMA which is forcing XRP

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