• XRP struggles to move higher during the intraday Wednesday, Thursday sessions. 
  • A slight move higher is possible, but a stall and fall from $1.10 are also likely.
  • Bulls need to push XRP price above $1.20 to regain a solid bullish outlook.

XRP price action on the 4-hour chart suggests a continuation down. However, Ripple sees some bullish price action that could play out going into tomorrow’s trading session. 

XRP price can move to $1.15, then down to $0.84

All three oscillator levels for XRP are incredibly oversold. 

The Relative Strength Index (RSI) has bounced off the midpoint between the two oversold conditions in a bear market (20 and 30). The Composite Index has also experienced a strong bounce – note that the current low of the Composite Index is the lowest low for 2021 on the 4-hour chart. This could be a leading indicator of further downside pressure. 

Finally, the OPTEX Bands line reached the ultimate low, and a strong responsive bounce continued. 

The upswing is likely to generate some carry-through momentum for XRP toward the $1.14 to $1.17 value areas where the Tenkan-Sen ($1.14) and Kijun-Sen ($1.17) reside.

In that event, XRP will likely have its RSI trading at one of the overbought levels in a bear market (55 or 65). The OPTEX Bands, likewise, will be trading at the overbought level. 

XRP/USD 4-hour Chart

Whether XRP price moves to the $1.17 value area or remains near the $1.10 level, bears should watch for a continuation move south that will accelerate if XRP breaks below the most recent swing low at $1.01. The target zone for bears is a confluence zone of the 38.2% Fibonacci retracement and 100% Fibonacci expansion level – both at $0.84.

Bears will want to watch out for any increase in the number of XRP bulls that are keen on triggering a bear trap. A return to $1.22 will place XRP price back into a strong bullish condition within the Ichimoku system. 

 

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

Why the Solana price could wipe out all returns since August

Why the Solana price could wipe out all returns since August

Solana shows a significant uptick in volume amidst the recent decline. The largest candle within the current downtrend and consolidation belongs to the bears. Solana price may be consolidating before it makes a move south.

More Solana news

XRP Price Prediction: One more pump then a dump

XRP Price Prediction: One more pump then a dump

XRP price has established two legs of a triangle. If the technicals are correct, XRP could rally to $0.56 and then experience a sharp sell-off. Invalidation of the triangle thesis targeting $0.56 iis a breach below $0.4564.

More Ripple news

Cardano: $1 is a fever dream for ADA as Vasil hard fork fails to trigger buying pressure

Cardano: $1 is a fever dream for ADA as Vasil hard fork fails to trigger buying pressure

After Ethereum’s Merge, Cardano’s Vasil hard fork was the most anticipated event for the crypto community this year. Surprisingly, both the events, while developing the network further, acted as a disappointment for the investors.

More Cardano news

Ethereum Classic PoW hype dissipates as hash rate declines by almost 50% in 10 days

Ethereum Classic PoW hype dissipates as hash rate declines by almost 50% in 10 days

The Proof of Work (PoW) vs. Proof of Stake (PoS) debate heated up this month as Ethereum mainnet officially shifted to the PoS consensus method. However, not everyone was a taker since many of the miners preferred the older methods instead of switching to staking.

More Ethereum news

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP