fxs_header_sponsor_anchor

XRP price hits $0.30 but could be facing a retrace before climbing higher

  • XRP price finally climbed above $0.30 for the first time since September.
  • The TD Sequential has presented a sell signal on the 4-hour chart.

It seems that XRP is finally catching up to the crypto market after a notable rise to $0.30 for the first time in two months. Unfortunately, several indicators have turned bearish for XPR, showing a potential short-term pullback is lurking around. 

XRP at risk of retracing in the short-term

On the 4-hour chart, the TD Sequential indicator has presented a sell signal which coincides with an extremely overextended RSI level. The last sell signal also coincided with an overbought RSI and was validated shortly after. 

XRP/USD 4-hour chart

Validation of the current sell signal could drive XRP price towards the next support level which seems to be around $0.268, coinciding with the 50-SMA. Additionally, on the daily chart, XRP price was just rejected from a critical resistance level.

XRP/USD daily chart

The $0.304 resistance level was formed on September 2 when XRP price got rejected significantly, losing 21% within 48 hours. Another rejection could be just as devastating as the digital asset seems to have very little support on the way down.

However, a breakout and close above this point would be notable and can quickly drive XRP price towards the 2020-high at $0.328. The trading volume of XRP has been increasing since November 13, adding more strength to the bullish outlook.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.