FxNews—Ripple began a consolidation phase after the prices peaked at $1.63 on November 23. The correction phase eased near the 50-period SMA at $1.3, forming a double bottom pattern in the 4-hour chart.
Bullish Signals Strengthen as XRP Holds Above 100-SMA
The XRP primary trend should be considered bullish because the prices exceed the 100-period simple moving average. Additionally, the Awesome Oscillator histogram turned green, nearing the signal line from below. Furthermore, the RSI flipped above the median line, hinting at the bull market’s strengthening.
Overall, the technical indicators suggest the primary trend is bullish and should resume.
Ripple Must Break Descending Trendline for Bullish Surge
The immediate resistance is at $1.45, in conjunction with the descending trendline. From a technical perspective, the uptrend will likely resume if bulls pull XRP/USD above $1.45.
If this scenario unfolds, the crypto‘s next bullish target could be revisiting the November high at $1.67.
Please note that the outlook for XRP/USD remains bullish as long as prices are above $1.16, backed by the 100-period simple moving average. However, the current bearish momentum could extend to $1.16 if sellers push the prices below the immediate support ($1.30).
