Ripple Price Analysis: Despite the Struggles at $0.25, Is It Time for an XRP Move?

XRP/USD – Coin Still Trapped In Consolidation

Key Support Levels: $0.25, $0.245, $0.24.Key Resistance Levels: $0.261, $0.271, $0.28.

XRP might be above the 100-days EMA this week, but it is still struggling to break the resistance at $0.261 (bearish .5 Fib Retracement). The coin has struggled to break this level since October and must push above to start the beginning of a bullish run higher.

Additionally, the coin is also trapped within a symmetrical triangle pattern and is battling with the upper boundary to head higher.

xrpusd-nov12XRP/USD Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, the first level of resistance lies at $0.261 (bearish .5 Fib Retracement). Following this, resistance is located at $0.271 (bearish .618 Fib Retracement), $0.28 (1.414 Fib Extension), and $0.286 (bearish .786 Fib Retracement).

On the other side, the first level of support lies at $0.25. Beneath this, support lies at $0.245 (100-days EMA), $0.24 (200-days EMA), $0.235, and $0.228 (.618 Fib).

The RSI has pushed higher from the mid-line to indicate increasing bullish momentum.

XRP/BTC – Bulls Struggle To Break 1700 SAT.

Key Support Levels: 1610 SAT, 1555 SAT, 1500 SAT.Key Resistance Levels: 1700 SAT, 1755 SAT, 1800 SAT.

XRP continues to struggle against BTC as it drops to the 1610 SAT support (downside 1.618 Fib Extension) today. The coin rebounded at 1555 SAT last week to push higher but could not break the resistance at 1700 SAT.

The buyers attempted to break above here at the start of the week but, once again, failed to do so.

The outlook is looking pretty bearish for XRP/BTC, and it needs to climb back above 1750 SAT for any chance of recovery in the short term. On the other side, a break beneath 1555 SAT could cause XRP to head toward 1500 SAT or lower.

xrpbtc-nov12XRP/BTC Daily Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, if the bears push lower, the first level of support lies at 1610 SAT. Beneath this, support lies at 1555 SAT (November lows), 1500 SAT, and 1490 SAT.

Alternatively, if the bulls can push higher, the first level of resistance lies at 1700 SAT. Above this, resistance lies at 1755 SAT (bearish .236 Fib), 1800 SAT, and 1865 SAT (bearish .382 Fib Retracement).

The Stochastic RSI is in overbought conditions and is primed for a bearish crossover signal – a bad sign for any bulls.

Publication date: 
11/12/2020 - 15:37

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.