The cryptocurrency markets have started to buzz again as Bitcoin surpassed the $38,000 resistance level, raising hopes for altcoin investors for the month of December. XRP Coin has reclaimed the $0.6 level, and the question now is, what will be the next target?
XRP Coin, after enduring difficult months due to the SEC lawsuit, could start the anticipated rebound if the SEC suffers a defeat in the collective appeal process. Ripple struggled to break the $0.75 golden ratio resistance in the short to medium term, but it has not yet seen sustainable closures above this level in the long term.
Ripple recently touched the 0.382 Fibonacci support level, and even though the correction could technically continue, the reaction rally fueled by BTC’s support signals a clear turnaround. If BTC manages to make sustainable closes above $38,000 and aims for the $40,000 target, XRP Coin’s price may forget the sub-$0.6 levels.
Although technical indicators give mixed signals, the EMAs on the daily chart still indicate an uptrend with a golden cross. The MACD histogram also supports the rise. After the price dropped to 0.0000155 in BTC parity, it has risen above 0.000016 at the time of writing. If the increase continues, the 0.000029 resistance might be tested.
The upper wick on the daily chart indicates that the price had difficulty surpassing $0.62. Sales in this region had pushed the price back at the beginning of November. For a true turnaround, XRP Coin bulls will need to push the price above the $0.65 supply zone.