- XRP price is down 9% after a 23% rally in October.
- The bears have pushed the XRP price into oversold territory on the Relative Strength Index.
- Invalidation of the bearish thesis is a breach adobe the swing high at $0.56.
XRP price will likely rise a bit before a stronger decline occurs.
XRP price to experience turbulence
Ripple's XRP price has lost 9% of market value since pulling off a 23% rally in October. The 24% rally is now the smallest compared to the initial 70%, and 30% rises witnessed previously during August and September. This is a subtle cue that the impulsive wave-up may have recently been finalized.
XRP price is currently trading at $0.49. The digital remittance token is currency testing the 21-day Simple Moving Average as support after the bulls abandoned ship near the 8-day exponential.
The Relative Strength has fallen into the oversold territory—however A hidden bullish divergence between the $0.48 and the previous swing lows of $0.44.A countertrend pullback should be expected in the coming days and will likely entice sidelined bears to jump into the market.
XRP/USDT 3-Hour Chart
Traders should keep the XRP price on their watchlist as the price could pull back towards $0.51 liquidity levels. A short will be justified if the bulls fail to establish new highs.
Invalidation of the bearish outlook depends on the swing high at $0.56 remaining unbreached. If the bulls were to breach this barrier, an additional rally towards $0.58 and possibly $0.61 could occur Such a move would result in up to a 27% increase from the current XRP price
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
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