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RIPPLE PRICE ANALYSIS CMP-$0.3900: XRP is locked in a range; both bulls and bears are looking for a breakout

Ripple had been moving inside a range for a while before falling below the lower end of that range.


03 Dec 2022 By : COIN GABBAR
RIPPLE PRICE ANALYSI

XRP is now trading at $0.39, representing a loss of around 0.10% in the previous 24 hours. Furthermore, the weekly chart shows that Ripple's native token has dropped by nearly 4.40%.

Ripple price analysis on a daily chart shows that the cryptocurrency began the day's trading session in a massive bullish trend. If XRP prices can break above the 50-day SMA (Simple Moving Average), we may see a possible recovery to about $0.4300.

The price of Ripple has fallen further below key support levels, yet a new bullish wave could develop in the near term. If this occurs, Ripple will most likely test the $0.4400 resistance level and maybe increase to $0.4800 in the next weeks, but only if Ripple can break back above the 50-day SMA on its 4 hour time frame.

Ripple is trading for less than $0.400 per US dollar. In order to attempt a new rally in the near term, the XRP price must remain above $0.3720. This week, the ripple price fell below $0.4117 against the US dollar. In the short term, the XRP/USD pair went below the $0.4050 support level, entering a bearish zone.

The price even fell below $0.3920, hitting a low of $0.3838. A spike occurred below the 50% Fib retracement line of the uptrend from the $0.3457 swing low to the $0.4194 high. The price is now trading near the 21 hourly simple moving average at $0.3900.

XRP is trading in the channel line on the 4-hours chart of the XRP/USD pair. XRP is moving in a narrow range in the latest 24 hour candle.

The first big resistance level is around $0.405 and the 200 hourly simple moving average. The $0.415 level is quite near to the 50% Fib retracement level of the slide from the $0.510 swing high to the $0.316 swing low. If the price successfully breaks through the $0.415 resistance level, it may advance towards the $0.450 resistance level. The next important barrier is at $0.465. Any more increases might push the price up to $0.500 in the coming days.

If Ripple fails to break through the $0.405 resistance level, it may start to fall. The $0.380 level provides initial support on the downside. Around $0.350 is the next key level of support. Losses may be increased if the xrp price falls and closes below $0.350. The price might go below the $0.320 support level in the aforementioned scenario.

According to Price Analysis, This XRP's market capitalization is estimated to be $19,709,712,045. The 24-hour trading volume of the coin is around $1,029,016,079. XRP's market capitalization has dropped by 1.29%. However, transaction volume declined by 35.59% during intraday trading.

KEY LEVELS :

RESISTANCE LEVEL : $0.4100-$0.4300

SUPPORT LEVEL : $0.3800-$0.3600

RIPPLE has been trading in the channel line since around a month ago. Make or Break will determine the beginning of a new trend for XRP. Please give your opinion on which side of the zone XRP breaks.

WHAT'S YOUR OPINION?

EPNOC