Technical Analysis for XRPUSD for 4th January 2023
Ripple's Trading Volumes Spike as XRP Bulls Reject $0.30
Past Performance of XRP
Ripple is one of the most actively traded coins when writing. Briefly, on January 1, the coin dropped to as low as $0.30. However, within hours, prices recovered, adding 14 percent. XRP could be under pressure when writing, but it appears bulls are rejecting attempts to push prices lower. In the short term, the zone between $0.33 and $0.37 is critical for traders.
Ripple Technical Analysis
There are fundamental factors at play influencing price action when writing. What's clear is that buyers are solid, and XRP has the potential to edge higher. If there is a follow-through of the January 2 bull bar, XRP may quickly soar above $0.37, especially if trading volumes are high. Based on the current setup, traders may look to load on a dip above $0.33 with targets at $0.42, the November 9 liquidation level. Any dump below $0.33 may see XRP crater to $0.30 in a bear continuation formation.
What to Expect from XRP
Traders are closely watching how the Ripple-SEC case will conclude. This landmark lawsuit will have a massive bearing on XRP, regardless of how the judgment favors. For now, gains above $0.37 may be a solid foundation for even more gains toward $0.50 or higher.
Resistance level to watch: $0.42
Support level to watch: $0.33
Disclaimer: Opinions expressed are not investment advice. Do your research.
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