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

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.

XRPUSD, Daily Chart – December 10

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.

XRPUSD, Hourly Chart – December 10

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

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Author : Michael Fasogbon

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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.