- Ripple adds more than 7% on the day as the bulls come to revenge.
- Triangle breakout ignites upwards movement likely to step above $0.32 in the short-term.
The cryptocurrency market is painted green on the day marking the return of the bulls in the market. It is not clear that if this is the reversal or Santa has started making early visits in readiness for Christmas. Ripple’s XRP is among the daily gainers in the market with gains hitting 7.41%.
Ripple price technical levels – Confluence detectors
As discussed earlier today, XRP recovered from the lows recorded last week and through the weekend. While the recovery fizzled out at $0.2975 Ripple formed a contracting triangle. The breakout from the triangle resistance ignited more gains leading to recovery beyond the broken support at $0.30. At the moment, XRP is trading at $0.3108 after spiking in successful bullish candles.
The daily confluence detector shows that the price will encounter resistance at $0.31 – $0.3168. The second resistance can be seen at $0.3132 -$0.3263. According to the 15-minutes chart, the RSI is retreating from the oversold with the price turning bearish. The DMI on the same chart is horizontal at 95.14 shows that the bulls are here to stay and we expect XRP/USD to stay above $0.30 in the coming sessions unless the levels change on Tuesday.
An initial support is seen at $0.2914 while the second most vital support area is highlighted at $0.2851. Although $0.2692 is an over stretch for XRP, it is a main support in the event a reversal occurs below $0.30.
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