The ongoing crypto rally is broad-based, showcased by the global market capitalization gaining nearly 4.5% over the past 24 hours to rest at $2.4 trillion. The total trading volume has also reached $90 billion, asserting the strength of the recovery.
Ripple’s XRP is leading the gains on Wednesday, up 14.85% over the last 24 hours to trade at $0.6161 at the time of publication.
With this performance, XRP is the biggest gainer among the top 10 cryptocurrencies by market capitalization according to data from CoinMarketCap.
Top gainers Feb. 1. Source: CoinMarketCap
In comparison, the largest cryptocurrency, Bitcoin, is up 4% on the day to trade at $2.16 trillion. Ether is up 3.53% to $3,848, and BNB Chain’s BNB has increased by 3.37% to $578 over the same time period.
What are the key levels to watch out for XRP in the long term?
Celestia price trades above a significant support zone
At the time of writing, XRP was fighting resistance from the psychological level at $0.65. A daily candlestick close above this level would suggest the ability of the buyers to sustain the uptrend.
These bulls will then be bolstered to push the price first toward the 127.2% Fibonacci retracement level at $0.67 and later to the psychological level at $0.7. Above that, the March 11 range high at $0.7484 would be the next logical move. Such a move would represent a 21.7% ascent from the current price.
TIA/USD four-hour chart. Source: TradingView
Supporting the bullish thesis for the XRP token was the position of the relative strength index (RSI) in the overbought region. The price strength at 77 suggests that the buyers are dominating the market.
Perhaps the most important technical indicator supporting XRP’s upward thesis is the major support zone between $0.5309 and $0.4950. Note that this is where the 50-day exponential moving average (EMA), the 100-day EMA and the 200-day EMA lie.
As such, any attempts to pull the XRP lower would be met by intense buying from buyers congested around this level, who would want to increase their profits.
Other levels to watch on the downside are the psychological levels are the 38.2% and 23.6% retracement levels at $0.4861 and $0.4545 respectively, and later the range low at $0.4036.
