The sharp reversal from the $0.2000 level in September and the higher monthly low around the $0.2500 level has helped to form an impressive inverted pattern across the lower time frames.
The four-hour time frame shows that a rally towards the $0.4500 level could occur if XRP / USD buyers can rally price above the $0.3450 level. According to the size of the pattern, the XRP / USD would add roughly thirty percent to its value if the breakout occurred.
In the near-term, XRP / USD buyers need to hold price above the psychological $0.3000 level in order to encourage the next push higher. Sustained strength above Ripple’s 200-day moving average, at the $0.3250 level, is also critical to attracting fresh technical buyers.
The daily time frame also shows a large , with the top of the coinciding with the upside projection of the inverted pattern, around the $0.4500 level.
Looking at the medium-term downside potential for the XRP / USD pair, a loss of the $0.2500 level would be extremely for the cryptocurrency and may prompt a technical test towards the October trading low, around the $0.2350 level.
At present, the XRP / USD pair is well-supported on pullback towards the $0.2800 level and does not appear in any imminent danger. Short-term sellers will, however, gain traction if the $0.2800 is overcome.
According to the latest sentiment data from TheTIE. , the short-term sentiment towards Ripple is neutral, at 44.00 %, while the overall long-term sentiment towards the cryptocurrency is , at 36.00%.
XRP / USD H4 Chart by TradingView
The four-hour time frame shows that a large inverted pattern has formed, with the $0.3450 level acting as the neckline of the .
Key technical resistance before the $0.3450 level is currently located at the $0.3000 and the $0.3250 level. Medium-term resistance for the XRP / USD pair is found at the $0.4000 and $0.4500 levels.
The four-hour time frame is showing that the $0.2800 level is providing the strongest form of short-term technical support below the pivotal $0.3000 level.
The daily time frame shows that a break below the $0.2500 level would be extremely for the XRP / USD pair and could prompt a decline towards the $0.2350 and possibly the $0.2000 levels.
Ripple has improving short and medium-term technicals, with both the four-hour and daily time frame highlighting the $0.4500 level as a potential upcoming price target.
In the near-term, it is critical that XRP / USD bulls gain the upper hand above the $0.3250 .