Tony M.
FXStreet
XRP price produced a strong rally into an anticipated target zone. The digital remittance token could be in the beginning stages of a much larger movement in the future. Key levels have been defined to gauge XRP’s next move.
XRP price pulled off an impressive resurgence on Friday, November. Ripple’s price action has been contracting progressively throughout the fall, printing lower highs and higher lows along the way. The previous bullish trade idea proposed that a spike into the $0.50 barrier would occur as a subtle bullish divergence was spotted on smaller time frames. The bulls fully validated the bullish thesis prompting a 10% spike into the anticipated $0.50 zone
Ripple price currently auctions at $0.49. The bullish move spiked through the 8-day exponential and 21-day simple moving averages. The momentum through the indicators could induce a bullish cross. If the cross occurs, an additional uptrend rally targeting the $0.56 liquidity zone could occur. The Volume Profile Indicator confounds the bullish idea as a massive uptick in transactions is displayed during the recent hike. The Relative Strength Index has breached overbought conditions hinting that the underlying strength of the bulls is very powerful. If market conditions persist, XRP could witness an uptrend weekend targeting $0.56 and potentially $0.58.
XRP/USDT 4-Hour Chart
Invalidation of the bullish outlook could occur if the recent 10% uptrend is reversed. A breach of the $0.4522 level could induce further decline targeting the $0.38 congestion zone. Such a move would result in a 30% decrease from the current Ripple 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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