Ripple (XRP) Bulls Attempt to Form Bear Trap, Eyeing $0.84

ByDawn Pipkin

Jan 20, 2022
  • XRP price outlook reveals a bullish picture.
  • Ripple formed a lower low near $0.73 yesterday.
  • Bullish strength gradually returns.

Ripple (XRP) flashes bullishness today, and market experts await the remittance token to break the local resistance around $0.75, targeting higher levels of $0.84. The altcoin secured a low near $0.73 and seemed to end its downtrends with the exhausted bears.

The past 24hrs had the market shifting to bullishness. Bitcoin and Ethereum saw their price increase by 0.07% and 1.43%, respectively. Meanwhile, the cross-border token followed with its over 1% surge.

Meanwhile, XRP has exhibited moderate volatility since yesterday, exchanging hands at the $0.73 – $0.7511 range. Trading volume has plunged by 35.65%, standing at $1.03 billion. The token ranks 8 in the crypto-list, its market cap wavering $35.78 billion.

4Hr Chart – XRP Overcoming Resistance at $0.75

The 4hr chart shows XRP price actions exploring highs, confirming a potential reversal in the coming days. However, the alt has displayed bearish strength within the last few days. Ripple failed to print a higher high beyond $0.81, leading to a lower low around $0.79 on January 16.

That had XRP/USD losing more than 8% towards $0.73. However, the past 24 hours saw the remittance token rising towards the resistance at $0.75, the level that previously served as XRP’S support. For now, Ripple targets a local high at $0.76. Overcoming the level will mean XRP, erasing current downtrends, exploring its previous peaks later this week.

However, XRP bulls should prepare for a massive resistance around the $0.78 mark. On the other side, market players await FED’s decision on rates in the coming that. That might see market players staying away from the market until the meeting end.

That means a potential rejection at the $0.78 mark. Ripple might drop towards the value level at $0.70. However, the sell-off might intensify as the region sees thin volumes. With that, Ripple will drop towards the range between $0.62 and $0.59.

Nevertheless, XRP has seen increased bullish strength within the past sessions. Analysts believe the cross-border transaction crypto will sustain its upward stance, targeting $0.84.

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