coin maintained its early-day bullish bias and took further bids above the $1.2000 level. The coin is generating an upward movement after hitting the high near the $1.20909 level.
Quick Price Review
At this time, XRP/USD is trading at $1.2420, having gained over 4.90%. Ripple (XRP) now takes the sixth place in the global cryptocurrency market rating, with a live market cap of $55,345,989,348. It has a circulating supply of 46,542,338,341 XRP coins and a max. supply of 100,000,000,000 XRP coins.
Bullish Sentiment in Crypto Market Supports XRP/USD
The reason behind Ripple’s upward rally could be attributed to the bullish sentiment in the crypto market. The crypto market has been flashing green signals since the new month started. This was witnessed after the BTC prices gained some positive traction on the day.
The world is choosing crypto at a breakneck speed, as many of the biggest companies across the globe are set to accept cryptocurrency payments this year. This was seen as one of the key factors that kept the ripple prices higher.
El Salvador’s Willingness to Install Bitcoin ATMs
The gains in the crypto market were further bolstered after El Salvador showed a willingness to install Bitcoin ATMs to enable its residents to convert cryptocurrencies to U.S. dollars. Meanwhile, Jack Dorsey, the U.S. billionaire who is the co-founder and CEO of the microblogging platform Twitter and the CEO of payments solutions provider Square, announced he wants to build a decentralized exchange for Bitcoin. These positive headlines had a positive impact on the BTC prices, which indirectly boosted the crypto market sentiment.
Alternatively, the buying bias surrounding the dollar was seen as one of the key factors that kept the lid on any extra gain in the XRP/USD pair. The broad-based U.S. dollar extended its early-day upward rally and rose moderately against its major peers on the day. The U.S. 10-year benchmark Treasury yields traded higher at 1.30% with 1.80% gains. This is seen as one of the key reasons behind the dollar rally.
Ripple (XRP/USD) Technical Outlook – Pivot Point Support at $1.21
The XRP/USD is trading with a bullish bias at the 1.2410 level on the technical front. The pair’s immediate resistance stays at the 1.2600 level, along with a support level of 1.2250 and 1.2100 levels.
On the 3 hour timeframe, the XRP/USD has formed an upward channel that supports the buying trend in the crypto pair. Taking a look at the leading and lagging indicators, the 50 SMA supports a strong buying trend, while the RSI also suggests the same bullish bias. On Thursday, the pair is likely to exhibit a bullish bias. Therefore, traders will be looking for a buy trade above the $1.2100 level today.