XRP Price Prediction: Can the XRP Gang pull off a rally back to $0.50?

XRP price has broken market structure to the upside, promoting an ongoing countertrend rally. Still, traders may want to practice safe risk management techniques while engaging with the digital remittance token’s market behavior.

XRP price is one to watch

XRP price has retaliated against the market's bearish demise in applaudable fashion. On November 25, The digital remittance token consolidates above a broken trading range bringing the value of XRP up 17% on the week. 

XRP currently auctions at $0.40. The bulls have breached the 8-day exponential and 21-day simple moving averages, suggesting the countertrend attempt is genuine. The Relative Strength Index has reconquered supportive terrain after breaching oversold levels earlier in the month. The Volume Indicator shows a lack of confidence in the uptrend, which merits a proposal for cautious risk management practices going into December.

If the market is genuinely bullish, key interest levels to target would be the broken support zone at $0.44, followed by the November high near $0.50. Going into the final trading weekend of November, volatility could increase enough to promote the sharp anticipated rise. 

XRP/USDT 12-Hour chart

Invalidation of the bullish thesis would be a breach of the 8-day exponential moving average within the recently broken consolidative range at $0.38. If the bears tag the barrier, the bulls would likely succumb to suppression within the range. A potential to tag the lower half of the range near $0.32 would then stand a fair chance of occurring. If the invalidation scenario plays out, the XRP price would lose 20% of its market value.

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