Technical Analysis for XRPUSD for 28th November 2022
Ripple Up 28% from November Lows, XRP Support at $0.30
Past Performance of XRP
Ripple is up 25 percent from November lows, looking at the performance in the daily chart. Even though the coin is relatively steady at spot rates, the path of least resistance remains southwards as long as prices are below $0.55—or October highs. Another worthwhile observation is that the coin recoiled to wipe out gains from September to October 2022, swinging back price action in favor of sellers. Presently, sellers are in charge. However, bulls will find relief if prices are above $0.30.
Ripple Technical Analysis
XRP prices are within a $0.25 range, with resistance at $0.55 on the upper end and $0.30 on the lower end. Even though buyers have the upper end at spot rates, printing higher from November lows, trading volumes are low, and prices are within the November 8 and 9 bear candlesticks. Therefore, while there are indicators of further gains, until XRP bulls pierce $0.43 and November 9, pushing higher is when the coin could soar to $0.55 in a refreshing recovery. If not, every high below $0.43 is favorable for aggressive sellers targeting $0.30 from an effort versus results perspective.
What to Expect from XRP
XRP is printing higher highs from the lower BB, pointing to increasing bullish momentum. However, resistance is at $0.43, and the general trend is bearish. Unless there are high volume gains above last week's highs, sellers are in control, and prices may drop to November lows.
Resistance level to watch: $0.43
Support level to watch: $0.30
Disclaimer: Opinions expressed are not investment advice. Do your research.
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