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The end of 2020 hasn’t been pretty for XRP. The value of XRP has posted a free fall in charts following SEC accusations. After registering an annual high of $ 0.79 on November 24, within a month of December 29, XRP fell to just $ 0.17. The current year is more in favor of XRP. Currently valued at just under $ 0.30. At the time of going to press, XRP was ranked 4th in the chart with a market cap of $ 13.3 billion.

XRP Hourly Chart

Source: XRP / USD on Trading View

The short-term XRP chart suggests a bullish market structure for the asset. Representing the formation of an ascending triangle, the token registered strong lower highs in the pattern. Currently valued at $ 0.295, immediate resistance stands at $ 0.33, annual resistance elevated to $ 0.37, right after.

One particular rejection is the current low volume of trade, which suggests general rally weakness. The moving average of 50 remains just above the candle. Indeed, the asset could re-retrace to the downside from now on.

Contract justification

Source: XRP / USD on Trading View

Market indicators have also tilted more towards a bearish scenario despite an uptrend. According to the EMA ribbons, the bullish ribbons are currently contracting in the charts. This suggests a trend reversal.

The Stochastic RSI indicates a slight bullish change but the cross was not complete. It is subject to change in the next few hours depending on the price.

Finally, Awesome Oscillator suggests a vague bearish momentum but remained neutral during the day. He might side with the bears as the day progresses.

Conclusion

When it comes to model and market indicators, the uncertainty is immense at the moment. XRP may hit a retest at $ 0.33 but an even possibility remains towards a dip of $ 0.265. Watching the next few hours will be crucial, but for now feature or short films should be avoided.

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