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Ripple could do what it always does, sideways trading, then explode

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  • Ripple price fell by 35% in November and recovered half of the losses within 24 hours during the initial US CPI-induced relief rally. 
  • XRP shows RSI divergence between lows since June 13, hinting that price may be confined to trading within a wide range.  
  • Invalidation of the bullish scenario is a breach below $0.2936

XRP price has produced higher lows after every liquidation since June 13. This subtle evidence suggests XRP could be confined to a wide range for weeks. Key levels have been identified to help traders identify profitable scenarios. 

XRP will be a challenge

XRP’s recent rejection from the $0.50 barrier went far lower than expected. As a sideways triangle formed near $0.50, the technicals showed promising breakout potential. Unfortunately, the optimism was swept away during the second trading week of November as the digital remittance token fell by 35% and invalidated the bullish symmetrical triangle that investors were hoping for.

XRP price currently auctions at $0.38. On November 10, the bulls pulled off an 18% recovery rally, establishing a large bullish engulfing up-bar a few integers short of the $0.40 price level. The Relative Strength Index (RSI) shows the November 9 low at $0.3160 as more oversold than the June 13 bottom at $0.3012. This subtle piece of information suggests XRP has underlying strength and could be the catalyst to challenge recently established shorts in the market. 

tm.xrp/11/11/22

XRPUSDT 1-day chart

XRP price could trade between $0.32 and $0.56 in the coming weeks. Now that the triangle thesis, which projected a rally to the $0.60 zone, is invalid, perhaps expecting the unexpected could lead to rewarding gains for patient, healthy risk-taking investors. Liquidity levels as high as $0.66 could face a challenge if the bulls can reconquer the $0.50 zone, but traders should take things one step at a time.

If the market has any bullish potential, the June 13 low at $0.30 will need to remain intact. A further decline toward 2020 liquidity levels near $0.26 could occur if the lows are breached. Such a move would result in a 35% decline from the current XRP 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

 



Read More: Ripple could do what it always does, sideways trading, then explode

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