• Mon. May 20th, 2024

What You Need to Know Before Going Long On Ripple (XRP)

Nov 18, 2022
  • Immediate aims for long trades stood at $0.4465 and two Fibonacci levels.
  • Improved development activity and sentiment prop up Ripple’s price.

Ripple (XRP) has presented bullish pressure on its lower charts. The daily timeframe shows the alternative token encountering four resistance zones to hit its October zones. While publication, XRP changed hands near $0.3795.

Meanwhile, long trades will likely target the following resistance zones if bulls trigger enough buying momentum and the range stays beyond the 23.6% Fibonacci level support mark. XRP encountered a bearish block near the 38.2% Fibonacci zone ($0.3903) on 16 November. A similar block happened at $0.3987 on 10 November.

As the RSI (Relative Strength Index) plunged from the oversold region, sellers displayed fading momentum. That might allow bulls to push Ripple higher. Sustained bullish momentum might trigger a break past the two bearish blocks to explore more resistance regions.

That would see long trades targeting $0.3903, $0.3987, 0.5 Fibonacci mark, and $0.4465. remember, $0.4465 was a crucial support zone in October and saw four tests before Ripple violated its and other supports as it dipped lower.

A daily closing beneath the current $0.3621 support would cancel the discussed bullish tale. The DMI places the red line beyond the green one, showing sellers still control the space. Thus, sellers should watch $0.3228 & $0.3165 as potential new footholds if the alt dips beneath the present support area.

Heightened Sentiment and Development Activity

Santiment indicated that Ripple’s weighted sentiment improved, entering the positive region. That reflects a bullish picture for XRP. Moreover, development activity recorded uptrends during this publication. The two optimistic metrics represent positive signals for XRP’s price.

Nevertheless, enough buying momentum and volume remain essential to conquer the discussed order blocks. Santiment shows the price surge was yet to attract increased volume at this writing. Thus, possible selling momentum might be impending if bulls fail to initiate enough volume.

Also, broader market analysis is essential before executing your XRP longs. Bears dominated the cryptocurrency industry as most assets attempted revivals within the past day. For instance, BTC traded with a 0.94% 24hr surge at $16,748.

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