Technical Analysis for XRPUSD for 17th February 2023
Ripple Pinned Below $0.42, Will XRP Overpower Sellers?
Past Performance of XRP
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
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