Ripple (XRP) Price Analysis – XRP Targets $0.214 Following Wedge Break

Since our previous crypto trading signals, Ripple’s XRP price continues to revolve around the $0.23 owing to a low amount of volumes in the market. The 4 days price increase was counter by a selling pressure which is currently dominant. XRP may resume the positive move if the market can locate near support. Otherwise, the price could roll back to the December 4 low or even lower.

Ripple (XRP) Price Analysis: Daily Chart – Bearish

Key resistance levels: $0.231, $0.25, $0.30
Key support levels: $0.21, $0.20, $0.18

The six-month bearish actions remain significant on the daily chart. The late November bounce is not yet valid for an upward swing until the bulls can overcome the $0.23 resistance; which again posed threat to the buyers yesterday. Now, the XRP price has dropped a bit to $0.222. The price could fall back to $0.21 and $0.20 support if supply is increasing. It may get worse if selling reaches $0.18.

Looking at the RSI, we can see that XRP bull is slowly regaining momentum but the recent price drop has turned the RSI in a downward position. The market could climb back to $0.231 resistance if the oversold level can hold. A strong bullish regroup may allow further buying to $0.25 and $0.30. However, the Ripple XRP market is still bearish on the MACD indicator.

Ripple (XRP) Price Analysis: Hourly Chart – Bearish

Yesterday, the price of XRP brokedown from a five-day rising wedge and as we can see, the market is trading near $0.22 support area – where the white horizontal support lies. We can expect the market to roll over to the second support area at $0.214 if the sellers regroup well.

Should Ripple’s XRP finds support on the $0.22 zones, the market may buyback to $0.225 and $0.23 resistance. A further climb above the $0.233 resistance might allow serious buying to $0.24 and above. But looking at the current bearish setup, XRP could correct loss to $0.214 soon. The last 24-hours decline has led the technical indicators into a bearish zone. This shows that the sellers are gaining control of the market.

XRP SELL SIGNAL

Sell Entry: $0.222
TP: $0.214
SL: $0.21