Since the daily opening, XRP has been showing a sign of small recovery, amounting to +1.07% gains. The correction may become significant if volumes can troop into the market. Otherwise, XRP price would continue to drag sluggishly. However, it’s not too late to accumulate some amount of XRP as the value might become more enticing if the price grows in the future. Currently, XRP is priced at $0.23 with a trading volume of $1.3 billion.
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
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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.