InsideBitcoins.com

Ripple Price Prediction: XRP/USD Trading Near Crucial Juncture at $0.21, Can Bulls Make It?

XRP Price Prediction – November 22

Since November 7, Ripple (XRP) has been trading in a downtrend while the bulls are making a serious effort to protect the support.

XRP/USD Market

Key Levels:

Resistance levels: $0.26, $0.28, $0.30

Support levels: $0.20, $0.18, $0.16

XRPUSD – Daily Chart

The Ripple (XRP) price is following a downtrend below the $0.23 support level against the US dollar. The price is currently trading around the $0.22 support and it could continue to decline. Meanwhile, this week’s crucial bearish trend line is intact with resistance near $0.26 on the daily chart. XRP/USD price remains at a risk of more losses below the $0.22 and $0.21 supports.

Moreover, the price of Ripple (XRP) has continued to demonstrate a sign of weakness across its markets. Similarly, the market has seen a sharp decline breaking the $0.24 support level and settled well below the 9-day and 21-day moving averages within the descending channel. Furthermore, the recent decline later pushed the price below the $0.23 level and a new monthly low was formed near the $0.22 support level as the price is currently consolidating losses.

Nevertheless, if the $0.22 support can suppress the on-going selling pressure, we may expect the price to bounce back. For now, the nearest resistance for the market is $0.26, $0.28, and $0.30. As it appeared on the daily chart, there’s no sign of a decisive move at the moment. However, if the $0.22 support gets weak, a price break-down may occur as the bears may find a new monthly low at $0.20, $0.18 and $0.16 support levels. The RSI (14) is now well within the oversold territory.

Compared with Bitcoin, the pair is consolidating within the channel and moving above the 9-day and 21-day moving averages. Meanwhile, the buyers have been trying to push the price above the channel while the bullish continuation may take it to the resistance levels of 3370 SAT and above.

XRPBTC – Daily Chart

Moreover, looking at the daily chart, if the bulls failed to hold the price, then it may likely fall below the moving averages and the nearest support levels for the coin are 3000 SAT and 2900 SAT. The stochastic RSI moves above level 50, which indicates some bullish signals.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.