Ripple Is Coiling Up | Technical Analysis
From around the end of November, Ripple started coiling up between two tentative short-term trendlines, an upside one taken from the low of November 26th and a downside one drawn from an intraday swing high of November 24th. As long as those two lines remain intact, we will stay neutral. In order to consider the next directional move, we would need to see a violation of one of those lines.
If the crypto breaks the aforementioned downside line and then climbs above the 0.6400 barrier, marked by the high of December 3rd, that may allow more bulls to run into the field, potentially clearing the path towards higher areas. XRP/USD could then travel to the 0.6797 hurdle, or to the 0.7194 zone, marked by the highs of December 1st and November 25th respectively. The crypto may stall near the latter area, or even correct back down from there. That said, if the price is still able to remain somewhere above the 0.6400 territory, the buyers might step in again. If so, Ripple could move back to the 0.7194 area, a break of which may set the stage for a push to the 0.7467 level, marked by an intraday swing high of November 24th.
The RSI and the MACD are currently flat on our daily chart. The RSI is hanging around 50 and the MACD is sitting near zero and its trigger line. The lack of directional movement on our indicators supports the idea to remain flat for now.
Alternatively, if the previously-mentioned upside line breaks and the rate falls below the low of last week, at 0.5388, that might spark more interest among new sellers, this way increasing the crypto’s chances of sliding further south. We will then aim for the 0.5005 hurdle, a break of which may open the way towards the 0.4485 and 0.4300 levels. Those levels mark the lows of November 26th and 23rd respectively.
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