XRP saw a limited correction to an average price of 50 cents after peaking at 78 cents on November 24. In our December 5 altcoin analysis content, we evaluated the latest situation of XRP / USDT, which entered a band movement in December.
XRP has stabilized at $ 0.53 after falling as low as $ 0.45 in the recent bullish correction move. The ensuing bullish moves encountered resistance in the $ 0.63 band. The importance of the $ 0.53 support and the $ 0.63 resistance prices has become even more important, according to the current triangle formation.
Daily XRP/USDT Chart
XRP / USDT, which declined as low as $ 0.5425 yesterday, has gone up with buyers from this level today. The 8-day EMA average, a key support in the uptrend, is now a resistance for the Ripple token. EMA8, located at about 0.5920 level, XRP / USDT for today constitutes an important resistance price. If the day’s closing comes above this price, we can see that the crypto currency may head towards the critical price level of 0.63.
If this break occurs, the next targets are likely to be 0.69, 0.78 and $ 0.9. Especially until December 12, when the spark token airdrop will take place, it is possible to see an upward attack in XRP again. Or at least until the date of the airdrop, investors are unlikely to make high-volume XRP sales. Therefore, the increase in demand in about a week can lead to testing the target prices mentioned above.
However, if the $ 0.53 support is broken and XRP breaks the triangle formation downward, the EMA 21 value ($ 0.5190) just below it can work as a support point. It also stands as another support price with Fib 0.382 according to the bullish trend measurement at 0.5090. In other words, a support area in the range of 0.5190-0.5090 can be mentioned.
The location of the Stochastic RSI on the daily chart shows that XRP has been oversold. Stoch RSI in the lows can turn the direction of the triangle pattern up after the upward break and this can be interpreted as an additional signal for bullish action. As we mentioned above, this movement may start with a day close above 0.5920 (EMA8).
This analysis was first posted on coinalways.com.