Ripple cryptocurrency course prepares to complete correction

CONTENT

  • XRP is trading near the long-term support of $ 0.47

  • XRP is trading within a descending parallel channel

  • XRP is likely in the 4th wave of a bullish impulse structure

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The XRP token price has been declining since November 24, with the rate of drawdown accelerating after the sensational airdrop on December 12. Despite the ongoing correction, it looks like XRP is preparing to rebound and resume growth in the direction of highlighted further target levels.

Long term levels

Ripple (XRP) broke above the $ 0.48 area on November 21, which has played the role of resistance since early 2019. The market continued to rise and reached a high of $ 0.79 on November 24. However, XRP began to decline after that, forming a long upper wick on the chart..

At time of writing, XRP is back in the $ 0.48 area – likely to test its strength and turn it into support.

Weekly technical indicators are bullish, supporting upside likelihood.

If XRP goes north, immediate resistance will meet around $ 1.34.

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XRP chart. Source: TradingView

Current decline

On the daily chart, the XRP rate is currently trading between the 0.5-0.618 Fibonacci levels of the correction of the last rise of $ 0.44- $ 0.51. These levels can be a very likely area for a reversal. Also here is the long-term support allocated by us earlier..

Despite this, technical indicators on the daily chart are giving strong bearish signals. RSI, MACD and Stochastic Oscillator are declining, with the latter just forming a bearish crossover.

XRP chart. Source: TradingView

On shorter timeframes, you can see that since December 1, the price has been holding within the parallel channel. Price action looks slow and volatile, indicating the likelihood that we are seeing a corrective move.

RSI and MACD indicators are signaling bullish divergence. Coupled with the fact that XRP is trading within a strong support area, this suggests the likelihood of a rebound..

XRP chart. Source: TradingView

Wave analysis

The results of the wave analysis suggest that, having reached the June 27 low, the XRP rate began to form a bullish impulse structure. This was confirmed by a bullish breakout from the parallel channel connecting waves 1 and 2 (orange on the chart). XRP is currently trading near the resistance line of this channel, inside the 4th wave retracement.

If our assumptions are correct, then XRP will soon launch a new growth phase to complete wave 5. The likely top of this wave could be the area between $ 1.16 and $ 1.18 (Fibo level 1.61 of wave 1-3 expansion (orange) and projection of wavelength 1-3 k the base of wave 4 (black)).

Absorption of the high of wave 1 at $ 0.326 (dashed red line) will neutralize this scenario.

Ripple cryptocurrency course prepares to complete correction

XRP chart. Source: TradingView

Cryptocurrency trader @Thetradinghubb shared an XRP chart with readers on Twitter showing that price is trading within a triangle that he believes is in the 4th wave.

Source: Twitter

Most likely, Ripple is indeed inside the 4th wave, but it is not yet clear whether the correction has acquired the shape of a triangle..

The picture on the chart really looks like a descending triangle. It is also possible that XRP completes a complex W-X-Y correction after which it will begin to rally.

Anyway, it looks like XRP is nearing completion of the current corrective structure.

XRP chart. Source: TradingView

Conclusion

Therefore, XRP may soon bottom out. This is likely to happen in the $ 0.45- $ 0.47 region. After that, the price will start to rise and eventually break above $ 1.

You can read the latest Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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Ripple cryptocurrency course prepares to complete correction
Ripple cryptocurrency course prepares to complete correction
Ripple cryptocurrency course prepares to complete correction
Ripple cryptocurrency course prepares to complete correction

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