Yet put to the test in recent years, the XRP token remains in the TOP-Crypto. This longevity offers us an exciting price history, and blessed bread for technical analysis. While the holiday season is in full swing, the crypto market remains very little agitated, but you will see that there are still good opportunities to seize.
Analysis against BTC
We rarely have such beautiful histories in the digital sector, so since I know that many people talk about XRP for the long term, I allowed myself to do this analysis in large amounts of time. It has been a year and a half since we evolved in a lateral channel between two monthly levels, namely 1326 and 2470; a few weeks ago, we suffered a rejection of the high band, which resulted in underperformance. Currently, we are on the weekly support, and a candle with a big bullish wick shows interest. It is nice to see this type of candlestick approaching support which could give some energy (against the market) to XRP. Therefore we could have an excellent signal in case of high closing tomorrow and an opening in the green on Monday.
Monthly Analysis Against the Dollar
Concretely we have no bullish signal on the monthly view. Indeed, we still need to validate a long-term bullish reversal structure, which leaves the door open to a bearish continuation. However, we are working vigorously on the monthly support of $0.3277, which could be a pivot point. We have suffered 5 bullish rejections on this critical support, and a sixth would potentially be synonymous with a reversal. This rebound would validate a Double Bottom accumulation structure, which should be addressed given the observed unit of time. Of course, claiming victory is still a little early, but it remains a possible scenario. Nevertheless, I would like to point out that this type of monthly structure takes a lot of time to develop.
Short-term analysis Daily
We evolve in a very nice range between the weekly and daily levels (0.3960/0.3390$). Following the rejection of the Mid-range, we unscrewed the low band, and a nice redemption wick was installed to make a fence above the support. It shows a desire to hold this level and reinforces the first impression of the analysis in the face of BTC. So in case of a rebound, the first target will be neither more nor less than the Mid-range at $ 0.3672.
A significant commitment to the SPOT
On the Binance exchange, we notice a large area of interest, around $0.3. It shows us an exemplary commitment from the SPOT market to keep the token above $0.3, but it also confirms the desire to hold the monthly support. In the past, we have come for this block twice, and rejection was imminent.
In this challenging situation, XRP shows us a little strength with a desire to hold the critical levels, whether on a long-term scale or daily. No bullish signal has been sent, but the first warning signals are beginning to emerge, which could make things happen. This analysis is not investment advice, and I encourage you to DYOR on your side.