Lorenzo Stroe
Independent Analyst
- XRP price has rebounded strongly from a low of $0.228 on November 3 to $0.259 on Friday.
- There is only one resistance level left at $0.261 before $0.30.
In the last XRP article from FXStreet, the possibility of XRP crossing above the 50-SMA at $0.244 on the daily chart, aiming for $0.257 as the initial price target, was on the table. As Bitcoin continues its journey towards $20,000, it seems that some altcoins are finally catching up. XRP has broken $0.257 and only faces one critical resistance level where the 100-SMA, at $0.26, is established on the daily chart.
XRP pointing to $0.30 after an extended downtrend
Prospects were looking dull for XRP after the breakdown of an ascending triangle pattern formed on the daily chart on October 28. Bears got a lot of continuation and pushed XRP price towards a low of $0.228 on November 3.
XRP/USD daily chart
However, thanks to the overall market strength, XRP has possibly managed to recover, cracking the 50-SMA at $0.244 and turning it into a support level. Furthermore, the trendline at $0.257 is also a support point now and there is only one critical resistance level at $0.26, the 100-SMA. Breaking above this moving average can quickly drive XRP price towards $0.30.
XRP/USD 12-hour chart
On the other hand, rejection from $0.26 would represent a shift in favor of the bears. On the 12-hour chart, the 200-SMA is also located at $0.26, which means this is a robust resistance level. The bearish price target in the short-term would be $0.246.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.