• XRP price has not formed a bearish pennant pattern like most altcoins.
  • Coinbase has vowed to support the digital remittance token regarding the SEC dispute.
  • Invalidation of the bullish outlook is a breach below $0.316.

XRP price could be preparing for a move to the upside. Consolidation occurs near the top end of a range, while technical indicators provide support. Key levels have been defined to gauge XRP's next potential move.

XRP price might see a move

XRP price has diverged from most cryptos as the bulls are resilient to the market's downtrend suppression. The digital remittance token has yet to form a pennant pattern like the majority of the too cryptos and is at the upper end of the range following its recent decline. XRP price will either expand toward the mid-$0.40 zone or fall sharply in the coming days.

XRP currently auctions at $0.37. The bulls have hurdled above the 8-day exponential moving average (EMA) and are retesting the indicator for added support. The Relative Strength Index (RSI) has climbed back into support and hovers above both of the RSI's moving averages, which is an optimistic signal. If the market is preparing for a larger countertrend bounce, a hike toward the recently broken support zone at $0.46 would be an ideal target to aim for.

TM/XRP/11/18/22

XRPUSDT 1-day chart

The optimistic technicals come at an interesting time, as several crypto giants in the space have vowed to back Ripple in the ongoing SEC lawsuit. Just recently, Coinbase stepped into vow their allegiance to the digital remittance token's community, proposing that a loss for XRP would be a loss for the crypto ecosystem as a whole.

Still, the bullish outlook targeting $0.46 depends on the swing lows at $0.316 holding as support. A breach of the lows could send XRP to the 2020 congestion zone near $0.26. The XRP price would decline by 35% if said price action were to occur

In the following video, our analysts dive deep into the price action of Ripple, analyzing key market interest levels. -FXStreet Team

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Will Fed’s hawkish tone drive altcoin gains off a cliff?

Will Fed’s hawkish tone drive altcoin gains off a cliff?

Optimism (OP), MAGIC (MAGIC) and Stargate Finance (STG) are the top gainers in the last 24 hours. The rally of these altcoins can be attributed to the volatility generated by the interest rate decision and the Fed’s policy meeting that took place on Wednesday. 

More Crypto News

Fed remains hawkish with 25 bps hike, how will Bitcoin price react?

Fed remains hawkish with 25 bps hike, how will Bitcoin price react?

Bitcoin price plunged to its weekly low of $22,862 earlier today, as traders awaited the US Federal Reserve’s rate hike decision. BTC has traded sideways in the 24-hours preceding the rate hike announcement.

More Bitcoin News

Cardano price is looking to reclaim this level to mark a 17% rally and recover 4-month-old losses

Cardano price is looking to reclaim this level to mark a 17% rally and recover 4-month-old losses

Cardano price has been treading steadily upward, recovering the losses it endured over the last few months. The uptrend with ADA potentially heading toward $0.45 might differ.

More Cardano News

ApeCoin Price Prediction: Has the downtrend already started?

ApeCoin Price Prediction: Has the downtrend already started?

ApeCoin price shows subtle cues to suggest that a downtrend move could occur. The possibility of a liquidation event should not be ruled out moving forward.

More ApeCoin News

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves. While BTC consolidates, other altcoins are rallying left and right, providing massive gains.

Read full analysis

BTC

ETH

XRP