Altcoins recover as the Premier cryptocurrency Bitcoin stabilizes down. The fear sentiment depletes, and money flows back into crypto.
Market Overview
Bitcoin, currently trading at $42.4k, is up 14% over the past week, causing the market to move in a positive direction. The downward trend that took place at the beginning of January seems to have lost momentum as the market currently looks in a good position.
The fear sentiment seems to have waned, as Bitcoin fear and greed index stands at 42 at the moment, indicating a slight fear. Bitcoin fear and greed index was down to 11 on January 24th, when Bitcoin crashed down to $33k, a six months low.
After going through a worst ever start to the year and facing the worst month since 2018 crypto winter, the Bitcoin has finally begun to move rather steadily.
Resultantly, almost all the mainstream coins are currently in a green zone. Moreover, in the past 24-hours, Ripple’s XRP has emerged as the top gainer.
XRP Price Analysis
Trading fractionally above $0.75, XRP is up 13% over the day. Whereas the coin is up 29% in the past 7-days. XRP’s current price level is the highest since January 20th. Previously, starting on January 20th, XRP went through a severe crash as the coin went down to $0.55 from the high of $0.80 on January 13th.
As for the technical analysis, XRP looks in a good position as the coin trades above the 4-hours 55 simple moving average. Though, 4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is in the overbought zone.
While XRP is currently resisted at $0.77 and $0.80, it is gaining support from $0.73 and $0.70 price levels. If breached below, the next stop could be at $0.67 and on the upside, if the coin breaks above $0.80 the next resistance will be at $0.84.
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