XRP on the Verge of a Bull Break

December 9, 2019 1:54 AM UTC

XRP has been really weak for the past few months and almost all 2019. The bulls are currently really close to the high of $0.234, if they can break above this resistance level, they will confirm a daily uptrend. The bulls have a good thing in their favor, a bullish MACD as well as higher trading volume than last week, however, there is still a lack of momentum and the bears could take over at any moment.

The price of XRP is currently at $0.2299, just above the 12-period EMA which has been held by the bulls 4 days in a row now.

The 4-hour chart remains in an uptrend as the bulls are trying to set a higher low compared to $0.2255. The price here is trading not only above the 12-period EMA but also the 26th one. The RSI has cooled off enough for the bulls to see a break above the resistance.

Weekly and Monthly Charts

Longer timeframes like the weekly chart remain quite bearish, in fact, the bear flag is still in play right now. The RSI is quite low but doesn’t seem to be helping the bulls too much.

The monthly chart is even worse, bears have full control here with an extended downtrend that doesn’t seem to end. The bulls need to set a higher low first or break 2 resistances in a row in order to confirm an uptrend.

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