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Technical Analysis for XRPUSD for 17th February 2023

Ripple Pinned Below $0.42, Will XRP Overpower Sellers?

Past Performance of XRP

XRP prices are lagging the market and are yet to clear above current liquidation levels. The trend remains bullish, and the coin has been edging higher in the past few trading days. The immediate resistance line is $0.42, while the support is $0.36. If the uptrend is to hold, the coin must break above February high convincingly.

Ripple Technical Analysis

There are higher highs, apparent in the daily chart. However, compared to the sell bar of February 13, trading volumes are relatively low. This is a concern since the uptrend might not be with sufficient demand. Accordingly, while prices are posting higher highs, the only assurance that the recovery is solid is if XRP blows past $0.42. Ideally, the breakout bar should be with expanding volumes, pointing to participation. In that case, XRP may expand to $0.50 in a buy trend continuation formation.

What to Expect from XRP

Buyers are confident, but this will only show if XRP clears above immediate resistance levels, registering new Q1 2023 highs. The primary support is at $0.36.

Resistance level to watch: $0.42

Support level to watch: $0.36

Disclaimer: Opinions expressed are not investment advice. Do your research.

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