Ripple token rate pumped up almost 50%

CONTENT

  • XRP made a bullish breakout of the downward resistance line

  • The price is likely to be trading within a descending channel

  • XRP has presumably completed the formation of wave 4

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Since November 24, the XRP rate has been declining, however, on December 16, the trend reversed, and in less than two days the token As the use of cryptocurrencies increases, new types of tokens appear. They can represent value or something intangible like voices. Two … More in the moment has risen in price by 50%.

XRP is now likely to be correcting towards $ 0.52, after which it may resume growth.

Bullish breakout reversal

The XRP token price marked a maximum of $ 0.79 on November 24, but then began to decline, reaching a minimum of $ 0.437 on December 16. However, from these levels the price began to grow vigorously and the next day it was at $ 0.659.

During this rally, XRP made a bullish breakout of the downside resistance line built from the previous November 24 high. The area of ​​$ 0.65 (Fibo level 0.618 of the correction of the last decline) put up resistance to the market, and the price bounced off it.

As a result, a long upper wick appeared on the chart, and XRP dipped to the $ 0.570 area (at the time of writing).

At the same time, technical indicators provide bullish signals, supporting the likelihood of another bullish breakout attempt..

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XRP chart. Source: TradingView

Short term correction

The 2 hours chart shows clear signs of weakness in the form of bearish divergence in the RSI and declining MACD. In addition, XRP, having touched the $ 0.65 resistance area, formed a shooting star candlestick pattern, which is a signal of a bearish reversal.

In this regard, a decline to the area of ​​insignificant support of $ 0.52 (Fibo 0.618 of the correction of the entire price move) is likely. After that, the market can resume growth.

XRP chart. Source: TradingView

Wave analysis

Cryptocurrency trader @Thetradinghubb shared an XRP chart with his readers, commenting that the price is probably still correcting and could dip towards $ 0.35.

Source: Twitter

It looks like the market is currently in long-term wave 4, but it is not yet clear if the correction has already ended.

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According to the scenario in the tweet, XRP is still correcting within the complex W-X-Y structure, which could end at $ 0.33 (W: Y wave ratio is 1: 1).

This scenario is supported by the descending channel, which is holding back the supposed wave X.

Absorption of yesterday’s high of $ 0.659 will reverse this scenario and point to further upside potential for XRP.

XRP chart. Source: TradingView

In this case, it could be assumed that the December 16 low marked the end of the W-X-Y corrective structure and that the price has now triggered a bullish impulse structure.

Ripple token rate pumped up almost 50%

Likewise, a rise above yesterday’s high of $ 0.659 would confirm this scenario, while a decline below the December 16 low of $ 0.437 would cancel such a possibility..

If this forecast is correct, the XRP rate could break above $ 1, as we already wrote in our longer-term forecast..

XRP chart. Source: TradingView

What to believe?

The situation on the 30-minute chart is more supportive of the bullish scenario as the rally looks impulsive while the decline is corrective.

Most likely, XRP will decline to $ 0.52, and then resume growth.

If the price fails to bounce off the $ 0.52 area, it will indicate a bearish scenario. In this case, XRP could fall to $ 0.33.

XRP chart. Source: TradingView

Conclusion

Thus, it is expected that the XRP rate may decline to $ 0.52, after which it will resume growth in the direction of $ 1. If support in the $ 0.52 area does not hold out, XRP may weaken to the $ 0.35 area.

A rise above $ 0.659 will confirm the bulls’ determination to move north.

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 token rate pumped up almost 50%
Ripple token rate pumped up almost 50%
Ripple token rate pumped up almost 50%

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