Following the XRP price drop in early November, the current recovery shows the formation of an inverted flag pattern.
the pattern support trendline. Furthermore, the long-tail rejection candles, in conjunction with a rising trendline and a $0.380 market, indicate a high probability of a positive reversal.
For the previous three weeks, the XRP price has climbed in reaction to the inverted flag pattern. The cryptocurrency is presently trading near the pattern's support trendline, attempting to re-establish bullish momentum. Furthermore, the reversal indicators at the $0.400 level and the support trendline imply that the current rebound will last for a few more trading days.
In terms of the US Dollar, XRP is consolidating above the $0.375 support level. If the XRP price breaks through the $0.400 and $0.415 barrier levels, it might continue. After creating a solid base above $0.345, XRP began a steady rise against the US dollar. The price was able to break through the resistance levels of $0.375 and $0.380.
The price even broke above the $0.400 barrier and settled above the 200 hourly simple moving average. The bears, on the other hand, were active at the $0.420 level. Like bitcoin, a high was formed at $0.419 before a downward drop.
The price of Xrp fell below the $0.40 support level and the 100 simple moving average. The price fell below the 50% Fib retracement level of the upward run from the $0.3457 swing low to the $0.419 high.
The bulls are now active near $0.375. On the 4-hours chart of the XRP/USD pair, a key contracting triangle is forming with support at $0.380. The price is now consolidating above the $0.375 and $0.380 support levels.
The first major resistance level is around $0.400 and the 200 hourly simple moving average. The $0.415 level is quite close to the 50% Fib retracement level of the fall from the $0.510 swing high to the $0.316 swing low. If the price successfully breaks past the $0.415 resistance level, it may go towards the $0.425 barrier. The next major resistance is about $0.450. Any further advances might push the price up to $0.50 in the coming days.
If XRP fails to break over the $0.400 resistance level, it may begin a downward trend. On the downside, an initial support is at the $0.380 level and the contracting trend line. The next significant support level is at $0.370. If the XRP price breaks down and closes below $0.370, it may extend losses. In the aforementioned scenario, the price might possibly go below the $0.345 support.
According to Price Analysis, This XRP's market capitalization is estimated to be $19,370,012,879. The 24-hour trading volume of the coin is around $781,770,123. XRP's market capitalization has dropped by 1.85%. However, transaction volume declined by 44.59% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $0.4000-$0.4200
SUPPORT LEVEL : $0.3750-$0.3600
Today XRP is trading near the bottom of the channel line. The beginning of a new trend for XRP will be decided by Make or Break. Please share your views on will XRP breached the channel or not.
