XRP price has diverged from the pack once again as the technicals display a bullish undertone. Throughout the last two weeks, the digital remittance token formed a range between $0.34 and $0.39, progressively producing higher highs and higher lows. This week, as the bulls have recovered 15% of lost market value, the XRP price has breached the consolidative range to the upside establishing a new high at $0.404.

XRP currently auctions at $0.399. The bullish breach creates a plausible 12% uptrend scenario targeting the previously broken support level at $0.44. The bulls have hurdled the 8-day exponential moving average and are, at the time of writing, trying to hurdle the 21-day simple moving average as well. A close above the second moving average could be the entry signal sidelined bears are looking for to join the trend.

Invalidation of the bullish thesis is a breach below the daily candle that breached the 8-day exponential moving average at $0.367. In that case, a decline toward the lower half of the range near $0.34 and potentially $0.31 could occur. Such a move would result in a 20% decrease from the current XRP price.

From a high time-frame perspective, the $0.288 level is the local bottom for now. As long as XRP price flips $0.381 and stays above it, there is no need to think about how low the remittance token can go.

The $0.441 level, which is roughly 18% away from the current position, is the first target for bulls. Similar to the $0.381 hurdle, this barrier is also a tough one to crack. However, a successful flip of this blockade will open XRP price to revisit the $0.509 level.

Invalidation of Correction Could Lead to Further Downside

farhan fazal

Nov 27 2022

Entered +0.60%

Holding time 73d 0hr

0.39693

Current price

0.54340

Take profit price