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

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

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Michael Fasogbon

Updated:
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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News