The crypto markets have had an eventful first month of 2023, with Bitcoin gaining an estimated 30% from its monthly open of $16,500 to a local peak value of $21,439 set earlier today.
XRP was not left behind as the remittance coin has gained an estimated 21% in the same period from a January open of around $0.3374 to a local peak of $0.4089 set on Saturday, January 14th.
XRP/USDT Returns to Bullish Territory Above the 200-day Moving Average
Further checking the one-day XRP/USDT chart below courtesy of Tradingview.com, it can be observed that the remittance coin is in the process of fulfilling a double bottom and a potential push towards the $0.42 resistance area.
In addition, XRP is trading at $0.3952 and is now in bullish territory, trading above the 50-day (white) and 200-day (green) moving average. Its daily parabolic SAR confirms its bullishness, with its dots below the price action.
The 100-day (yellow) moving average is currently acting as resistance at the $0.40 price area. But this might not be for too long, given the general optimistic mood in the crypto markets.
However, the daily MFI (green), MACD and RSI (red) hint at an overbought scenario that could result in consolidation above the 200-day moving average for a few days. A worst-case scenario would be a drop to the 50-day moving average around the $0.37 support area.
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