Technical Analysis for XRPUSD for 17th January 2022
Ripple Boxed in a $0.13 Zone in a Possible Double Bottom Formation
Jeremy Hogan, an attorney, believes the ongoing court case below Ripple and the U.S. SEC may end in Q3 2022. The case's outcome is monumental for XRP in the medium and long term.
Past Performance of XRP
The XRPUSDT price is within a $0.13 zone capped between $0.70 and $0.18, defined mainly by the bull bar of January 5. Despite market-wide optimism, XRP is bearish as long as it is within the January 5, 2022 bear bar within the even more prominent, high volume bear candlestick of December 4, 2021.
Ripple Technical Analysis
A double bottom could establish between $0.70 and $0.73 if prices reverse, close above $0.85 in the days to come. It is overly bullish for Ripple buyers. A close above $0.85, canceling bears of January 5 might trigger the next leg up towards $1—or better subsequent sessions. Therefore, in light of this expectation, Ripple bulls might find entries on dips, targeting $0.85 and $1. Conversely, drops below $0.70 could trigger a sell-off, continuing the bear trend set in motion from September 2021. In that case, XRP prices may tumble to $0.60.
What to Expect of XRP
Risk-averse traders, expecting a reversal, may have to wait until there is a defined close above $0.83. On the flip side, a close below $0.70 would dash their hopes, allowing sellers back in the equation. Aforementioned, XRP prices may crash towards $0.60.
Resistance level to watch: $0.83
Support level to watch: $0.70
Disclaimer: Opinions expressed are not investment advice. Do your research.
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