The crypto market appears to be in a dilemma as most of the assets are swinging within a narrow margin. Amid the contracted trend, Ripple’s XRP price is regaining the lost levels. And heading towards the immediate resistance at $1.2. Despite the pace being slow, yet the asset may flip out of the pattern in the upcoming weekend.
The XRP price just rejected from a major supply zone and finding new support areas above a major broken resistance area around $1.32. The pullback could be pretty much deeper than the current levels. However, despite a notable dump, yet the bull market may not be over. As per a popular analyst, the XRP price may rebound any moment from now.
As per the chart posted by the analyst, XRP price may experience a flip from the present levels and range high slicing through the resistance zones. Else the asset may test the lower trend line and revisit support levels around $1.11. However, a bounce through the resistance levels is fixed in either of the cases. In either of the cases, a flip from the bearish divergence is imminent.
Considering the indicators, the RSI maintains is a trend just above the oversold area indicating a healthy accumulation. On the other hand, MACD manifest mounting buying pressure despite the trading volume being on the lower side. Currently, it’s mandatory for the XRP price to try and break the upper resistance in order to jump towards the next levels.