- It is just a matter of time before XRP breaks above $0.4.
- There are several support areas below this level but the primary support rests at $0.3512.
Although Ripple’s XRP finally gave in to the selling pressure in the market, its declines cannot be compared to those in assets like Bitcoin and Ethereum which have tanked over 50% in the last three months. Ripple has weathered the losses quite well maintaining position above $0.3 most of the time apart from the drop to $0.28 last week.
Ripple price technical picture – Confluence Detector
At press time, XRP/USD is trading at $0.391. The ongoing bullish trend is likely to break above $0.4 in the short-term. Ripple has been trading higher highs and higher lows in the last three days since the recovery started on Monday. A break above the trendline resistance at $0.288 on the 4-hour timeframe chart, boosted further growth above both the 50 SMA and the 100 SMA (1-hour range).
Ripple’s XRP is hammering on $0.40 hurdle while the relative strength index is showing overbought levels. However, the bulls ignore the levels as their main focus is to come out of the bear range that has left them paralyzed in the past few weeks.
The 4-hour MACD has recovered from the negative zone and is still in an upward trajectory at the time of press. The indicator signal is at +0.0234, which shows that buying entries continue to increase thwarting the selling pressure in the market. As mentioned the RSI in the same range is at 76.56 while still heading upwards. It is just a matter of time before we see XRP back above $0.4 and gains are likely to open more gains towards $0.5 in the coming few days before Christmas holidays finally kick in.
The confluence detector tool provided by FXStreet shows that there will be slight resistance at $0.3998. A correction above $0.4 will remain relatively smooth above $0.41. However, the strongest hurdle and seller concentration zone is at $0.4201. On the flipside, the asset will find a weak support at $0.3836. There are several support areas below this level but the primary support rests at $0.3512.
Daily Confluence Detector
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