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Ripple (XRP) Price Analysis: 4H Chart – Bullish
Key resistance levels: $0.25, $0.26, $0.284
Key support levels: $0.22, $0.21, $0.20
The 4-hours chart for XRP reflects a slow bullish formation after confirming a break out of the triangle pattern yesterday. After retesting the breakout level of $0.223, XRP continued bullish formation, which has been quite sluggish since the market rebounds on November 25.
Despite that, the slow buying pressure is likely to reach $0.25, $0.266 and $0.284 resistance in the next couple of days. Looking at the RSI, Ripple’s XRP is following a bullish sentiment. Conversely, the MACD is almost climbing to the positive zone. A clear crossover would confirm a bullish step back into the market. In case of a sharp decline, there’s close support at $0.22 and $0.21. Additionally, the last defence line for the bulls is $0.20 – the weekly low.
Ripple (XRP) Price Analysis: Hourly Chart – Bullish
Yesterday, Ripple (XRP) was spotted to be following a rising wedge pattern on the hourly chart. As we can see, the price action is respecting the wedge up till this moment. Reaching a point of breakout, XRP is more likely to trend above the wedge. This may allow the bulls to reclaim $0.246 resistance in no time.
A bullish continuation could propel XRP to the November 20 high at $0.257. Now, XRP is gaining moment on the technical indicators, especially the MACD that is just starting an upward move. A continuous swing could trigger a huge buying in the market.
Considering the current touch at RSI 70 level, XRP may retrace back to the wedge’s support at $0.225. Breaking the support could lead to a heavy sell-off off in the market as $0.215 and $0.205 support may resurface. Regardless of the market sentiment, Ripple’s XRP looks bullish on the hourly time frame.
XRP BUY SIGNAL
Buy Entry: $0.23
TP: $0.25
SL: $0.219
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