Ripple tries to move out of its current upward channel.
Ripple (XRP) has seen challenging sessions over the past weeks as the alt dipped with the global financial market. Meanwhile, the recent plunges have proved significant. The altcoin attempted to capture levels beyond $1.35 on 10 November, then hit the lows of $0.65 before a rebound to the 20 exponential moving average on XRP’s daily chart near $0.93. For now, Ripple remains under pressure as top assets battle bearishness.
4Hr Chart Analysis
The 4hr chart shows XRP settled beneath the 50 exponential moving average and 20-EMA and moves to the upside channel’s low end. The Relative Strength Index remains within a moderate territory. Moreover, there is a possibility the indicator will develop additional downward momentum if the correct catalysts emerge.
If Ripple extends its downward actions, it will touch the support level near $0.8050. The alt has tested this support floor many times and proved dependable. After that, the alternative coin will clear the road to the footing at $0.77. If XRP stabilizes beneath this area, it can suffer further plummets towards $0.75.
Meanwhile, XRP should overpower the resistance zone at $0.85 for upward movements. That way, the remittance token can develop upward momentum in the short term. The following resistance stands at $0.87. Moving past this level will have Ripple testing the resistance zone near $0.90. Overpowering this area will see the alt revisiting the latest peaks at $0.9350.
1Hr Chart Analysis
XRP’s 1hr chart somehow mimics the 4Hr chart readings. The upcoming case will depend on whether Ripple will shift out of the current upward channel. With such a case, the alt can strengthen its downward momentum.
Market players need to monitor the leading digital coins, BTC and ETH. If the assets maintain the current pullback, other top ten cryptocurrencies, including XRP, will witness amplified downside pressure.
While writing this content, Bitcoin hovers around $48,460, while Ether trades at $4,105. Furthermore, the crypto space sustains a bearish outlook today and seems ready for further downtrends. XRP will dip to collect momentum for upward actions.