The popular remittance coin of XRP could be headed towards the $0.42 price area after accomplishing a double bottom with the November 9th low of $0.3160 set as a result of the crypto-wide selloff during the FTX collapse.
XRP has Turned the 50-day Moving Average Into Support
A glance at the one-day XRP/USDT chart below, courtesy of Tradingview.com, shows that the second bottom (orange circle) was formed on January 2nd, with XRP now trading above the 50-day (white) moving average.
Also, from the chart, it can be seen that the neckline of the double bottom is at the $0.42 price area, of which XRP can retest if the current crypto market sentiment remains bullish.
XRP’s daily MFI (green), MACD and RSI (red) are yet to show exhaustion, hinting that the remittance coin could keep pushing towards the 200-day (green) moving average at the $0.38 price area. If this plays out, consolidation will likely follow before another push towards the earlier-mentioned $0.42 price area.
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