XRP/USD Price Update:
Ripple (XRP) has been trading inside a consolidation phase at the start of the month and is now hovering around the 0.2190 neighbourhood and looking forward to a clear direction in the short term.
The cryptocurrency was hit by a bearish wave after testing the resistance level of 0.2323, where a critical barrier is located. It should be noted that a rebound happened at the end of October above the 0.2059 level. Also, the 50 SMA at the 4H chart continues to cap further gains in the XRP/USD pair.
This should favour the bearish bias in the short term. Also, traders should take into consideration the bullish trend line broken in November.
- XRP is trading inside a consolidation phase but aims for a clear direction in the short-term.
- Bears currently in control but a reversal can come in favour of the bullish bias.
Ripple (XRP) has been trading inside a consolidation phase at the start of the month and is now hovering around the 0.2190 neighbourhood and looking forward to a clear direction in the short term.
The cryptocurrency was hit by a bearish wave after testing the resistance level of 0.2323, where a critical barrier is located. It should be noted that a rebound happened at the end of October above the 0.2059 level. Also, the 50 SMA at the 4H chart continues to cap further gains in the XRP/USD pair.
This should favour the bearish bias in the short term. Also, traders should take into consideration the bullish trend line broken in November.
