Technical analysis

This is When XRP Price May Flash A ‘Buy’ Signal!

The crypto markets have been extremely uncertain ever since the collapse of the FTX exchange which created a ripple of fallouts further. This has slashed the value of the majority of the cryptos and XRP was no exception. However, ever since the beginning of December trade, the XRP price maintained a notable strength which is believed to be eased soon. 

The token is on the verge to offer not only one but 2 buying opportunities in the coming few days. Meanwhile, the volume has dropped extensively due to which the price is failing to incur the required momentum to break above the crucial resistance around $0.40. Additionally, the token just rejected the 200-day MA, flashing the possibility to reach the lower support below $0.34 during the weekend. 

However, the descending trend may certainly be extended as the XRP price is all set to enter the buy zone very soon. 

Trading view

The XRP price during the previous cycles had gained higher targets. However, the price is close to the support zone which could offer another long opportunity for the market participants. Therefore, the price may rebound from the current levels immediately which may uplift the levels beyond the trend line initially and later at the crucial resistance above $0.41. 

Conversely, if the current bearish trend intensifies, then the price may break down from the support and enter the buy zone very soon. The initial buy zone prevails between $0.352 to $0.349 and if the token fails to hold here, may head towards the next buy zone at $0.32203 and ignite a rebound, flashing a ‘buy’ signal.

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