The XRP price reaches $ 0.30 but may be facing a retracement before climbing higher

• The XRP price finally climbed above $ 0.30 for the first time since September.
• The TD Sequential presented a sell signal on the 4 hour chart.

It appears that XRP is finally catching up with the cryptocurrency market after a noticeable rise to $ 0.30 for the first time in two months. Unfortunately, several indicators have turned bearish for XPR, showing that a potential short-term pullback is lurking.

XRP at risk of short-term retracement

On the 4-hour chart, the TD sequential indicator presented a sell signal that coincides with an extremely overextended RSI level. The latest sell signal also coincided with an overbought RSI and was validated shortly after.

XRP / USD 4-hour chart

Validation of the current sell signal could push XRP price towards the next support level which appears to be around $ 0.268, coinciding with the 50-SMA. Also, on the daily chart, the XRP price has just been rejected by a critical resistance level.

XRP / USD daily chart

The $ 0.304 resistance level formed on September 2 when the XRP price rejected significantly, losing 21% within 48 hours. Another rejection could be just as devastating as the digital asset appears to have very little support on the way down.

However, a breakout and close above this point would be notable and could quickly drive the XRP price towards the 2020 high of $ 0.328. The trading volume of XRP has been increasing since November 13, adding further strength to the bullish outlook.