Ripple (XRP) Price Analysis: Looming Bullish Spike

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Ripple (XRP) Price Analysis: Looming Bullish Spike
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XRP/USD Medium-term Trend: Bearish

Resistance Levels: $0.52, $0.53, $ 0.55

Support Levels: $0.49, $0.47, $0.45

XRP is bearish on the medium-term outlook. On November 5, enough momentum was gained by the   bulls, XRP price rose from the support level of $0.47 to the resistance level of $0.55 where the price was pushed back by the bears’ pressure that broke downside the former support levels of $0.53 and $0.52 to the support level of $0.49, it started consolidation. XRP price movement has led to the formation of a symmetrical triangle pattern on the 4-Hour chart.

The break out of the price at the upper trend line of the triangle will make the XRP price to rally to the north which may have the resistance level of $0.52 as its target; this can be possible by the level of momentum gained by the bulls or by the radical fundamental events. Likewise, it will take the bears to gain enough momentum before the lower trend line of the triangle can be broken which will push the XRP price below the support level of $0.49 to the low of $0.47 as the target.

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XRP price is in between 21-day EMA and 50-day EMA with the two EMAs close to each other, it indicates consolidation is ongoing. In addition, the MACD with its histogram is on the same line (zero) and its signal line parallels on the zero level which confirms consolidation in XRP market. Breakout is imminent; traders should be patient before taking a position.

XRP/USD Short-term Trend: Ranging

XRP/USD is ranging on the 1-Hour chart. The coin entered consolidation on November 8, after the bearish movement from the resistance level of $0.53 down below $0.52 price level. XRP price is a bound range between the resistance level of $0.52 and the support level $0.49.

It is clearly seen on the XRP market that the price has formed a symmetrical triangle hence; it is only radical fundamental events that can bring the XRP price out of the consolidation phase. Therefore, traders should watch out for the breakout.


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