|

XRP price could be a nice trade if Bitcoin stays afloat this weekend

  • 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

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

Cardano Price Forecast: ADA defends key support level amid mounting bearish pressure

Cardano continues to consolidate above its $0.1894 support level on Monday, stabilizing after roughly an 8% loss on last Thursday. On-chain data shows reduced activity among large-wallet investors, commonly referred to as whales, despite a rise in Cardano’s social chatter.

Solana Price Forecast: SOL slides below key EMAs as ETF outflows peak

Solana remains under pressure on Monday, hovering around $95.48 after extending its losing streak to five consecutive weeks. Bearish sentiment strengthens as SOL’s spot Exchange Traded Funds recorded weekly outflows of $71.47 million, marking the largest withdrawals since their launch.

Top 3 Price Predictions: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP rebound as November begins after a losing October

Bitcoin, Ethereum, and Ripple recover slightly on Monday after closing October with four straight weeks of losses. BTC climbs above $78,462 after finding support around its key support zones, while ETH rebounds above $2,295 but remains below key Exponential Moving Averages, keeping its near-term outlook bearish.

Zcash Price Forecast: ZEC rebounds as ZODL founder now supports ending community grants
Zcash (ZEC) shows signs of recovery on Monday, extending gains above $1,250 as the Zcash Open Development Lab (ZODL) founder, Josh Swihart, now supports the compromise proposal to end the 8% block reward share directed to Zcash Community Grants (ZCG).
Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.