XRP price hits $0.30 but could be facing a retrace before climbing higher
- XRP price finally climbed above $0.30 for the first time since September.
- The TD Sequential has presented a sell signal on the 4-hour chart.
It seems that XRP is finally catching up to the crypto market after a notable rise to $0.30 for the first time in two months. Unfortunately, several indicators have turned bearish for XPR, showing a potential short-term pullback is lurking around.
XRP at risk of retracing in the short-term
On the 4-hour chart, the TD Sequential indicator has presented a sell signal which coincides with an extremely overextended RSI level. The last sell signal also coincided with an overbought RSI and was validated shortly after.
XRP/USD 4-hour chart
Validation of the current sell signal could drive XRP price towards the next support level which seems to be around $0.268, coinciding with the 50-SMA. Additionally, on the daily chart, XRP price was just rejected from a critical resistance level.
XRP/USD daily chart
The $0.304 resistance level was formed on September 2 when XRP price got rejected significantly, losing 21% within 48 hours. Another rejection could be just as devastating as the digital asset seems to have very little support on the way down.
However, a breakout and close above this point would be notable and can quickly drive XRP price towards the 2020-high at $0.328. The trading volume of XRP has been increasing since November 13, adding more strength to the bullish outlook.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
