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Ripple is yet to recover from the crash, which was initiated on the 5th of November. The market was overbought, as indicated by the Stochastic. The bulls could no longer keep the price stuck in the range above $0.4450. The price bled profusely for five consecutive days, which resulted in a 36% decline. An ascending triangle has formed on the daily chart. XRP is set for a breakout.
Supply Levels: $0.445, $0.500, $0.540
Demand Levels: $380, $360, $320
What Are the Indicators Saying?
The RSI (Relative Strength Index) has moved sideways at the mid-point. This shows the market is stuck in consolidation. The market has formed higher lows with no higher highs. The daily candles are narrowing down to a point that is expected to prompt a volatile breakout. The Parabolic SAR (Stop and Reverse) has formed multiple points below the daily candles to show the effects of the higher lows. If the bulls prevail, the market is expected to soar towards $0.4450. The bears also seek liquidity at $0.320 in the case of a bearish breakout.
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