, 2023-01-13 20:31:07,
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- XRP could trade within the $0.3687 – $0.3783 range or break above it.
- Demand in the derivatives market remained positive.
Ripple [XRP] rallied in the past two weeks until press time. However, two hurdles blocked it from reaching the $0.4000 mark.
At press time, XRP was trading at $0.3761 and seemed trapped within the $0.3687 – $0.3783 range after a recent massive rally.
Although bears were on site, as evidenced by long tail wicks, bulls had the upper hand and could retest and push above the range upper boundary of $0.3783.
Read Ripple’s [XRP] Price Prediction 2023-24
Ripple in the $0.3687 – $0.3783 range: Is a retest or upside breakout likely?
The Relative Strength Index (RSI) was in the overbought zone on the 12-hour chart, showing strong buying pressure. Therefore, XRP bulls could attempt to retest or break above the upper boundary of the $0.3687 – $0.3783 range in the next few hours/days.
A candlestick close above the current trading range will give bulls impetus to target $0.4000. However, bulls must clear the obstacle between $0.3915 – $0.3953 to climb closer to last year’s December high.
Alternatively, bears could gain influence and push Ripple below the current trading range, invalidating the above bias. However, such a downtrend could cool…
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