- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?