XRP finds support at $0.35 and shows the possibility of moving higher.
The market trend is strong on the two-hour chart. At press time, the stock is trading in the bullish H4 block. This order was established on November 21, but later that week, a bullish move was made in the market and it was replaced by a bull. This highlighted the area as a bullish legal barrier.
The next move saw XRP increase to $0.41, but no more. Last week’s selling pressure saw the price tested at $0.398 as resistance and move down. The $0.37 support level did not hold, but the $0.35 area was well defended. Therefore, aggressive buyers may want to buy XRP at this block, with the stop loss set below the $0.345 support. It is possible that December 19 will determine the strength for the coming week.
If the sellers find strength and force the price below the bullish OB, a re-examination of the same area will provide a selling opportunity. However, if Ripple can rise to $0.365 and change the pattern in favor of the bulls, an imminent reversal will be indicated.
When XRP fell sharply on December 16, it stopped working on the 1-hour chart. Covered by a white box, this FVG will be in the bullish strategy for the coming week. If $0.37 is returned as support, another buying opportunity will be available.
Open Interest Rose Slightly but It Would Take a Lot of Fuel To Ignite The Flame
The weekend saw the price drop into the support zone, and OI finally stopped going down. It is still establishing an uptrend that shows that in the future the market has not been happy about the price action. Also, December 19 can make the market clear. A quick return above the $0.365 mark, if it is rising with the OI, will indicate that the bull has regained strength. Meanwhile, flat OI and rising prices may indicate that $0.35 will serve as resistance and see rejection instead.