Despite the recent surge, the price of XRP struggles below the $0.31 price zones for days now, although the third largest coin is bullish. While trading at $0.298, the XRP bulls are trying as much as possible to show more commitment but it appears the bears are defending their zone.
With a +1.9% gain overnight, the XRP volume is trading above $2 billion with a market cap of $12.8 billion. The crypto trading signals that the current demand is keeping the buyers alive in the market as more buying pressure may surface if XRP can successfully breach the $0.32 resistance.
Ripple (XRP) Price Analysis: 4H Chart – Bullish
Key resistance levels: $0.32, $0.35, $0.37
Key support levels: $0.286, $0.266, $0.25
Ripple XRP is trading around the upper boundary of the ascending channel on the 4-hour chart. The September low at $0.22 is still acting as short-term support for the market as primary support lies at $0.286 and $0.26. Slipping beneath the channel could cause a massive decline to $0.25 and below.
Still, the buyers are holding tightly to their positions. For a possible upsurge, resistance may hold at $0.35 and $0.37 if we can have a clear break above the $0.32 which had been proving strong for a while now. Nevertheless, the crypto trading signals a bullish move on the RSI as well as the MACD to suggest that the bulls are still in play.
Ripple (XRP) Price Analysis: Hourly Chart – Bullish
Ripple XRP is maintaining a bullish trend on the hourly chart but may fall seriously soon as shown on the technical indicators which are gradually sloping down. The price of XRP may fall as low as $0.27, $0.26, $0.26 if the price plummets the wedge formation.
Meanwhile, a possible rebound should keep the bulls on track to $0.31 and $0.32 resistance.
The MACD revealed a sideways movement to keep traders abreast of a potential move, although the Ripple XRP market is currently positive but may fall soon. Another thing to note is that XRP is trading around the wedge’s lower boundary for two days as price break is imminent.
XRP SELL SIGNAL
Sell Entry: $0.2989
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.