Lorenzo Stroe
Independent Analyst
- XRP price is bounded between the 50-SMA and the 200-SMA on the daily chart.
- The critical resistance level at $0.245 is holding the price of XRP back.
XRP is trying to follow the lead of Bitcoin, which has surpassed $15,000. The current price of XRP is $0.244 after a notable bounce from $0.228, where the 200-SMA is located on the daily chart.
Unfortunately, the 50-SMA is acting as a strong resistance level around $0.245 and has already rejected the price of XRP twice on November 2 and 3. It’s still possible for XRP bulls to crack this resistance level thanks to the renewed market FOMO (fear of missing out).
Can XRP hit $0.30 by the end of this month?
As stated above, the resistance level at $0.245, where the 50-SMA on the daily chart is established, remains the most critical short-term resistance point. A breakout above this level can push XRP towards the upper boundary of an old ascending triangle at $0.257.
XRP/USD daily chart
Potentially, bulls could crack $0.257 – which coincides with the 100 SMA – in one go and drive the price of XRP towards $0.3 as there is not a lot of resistance to the upside above that point.
On the other hand, another clear rejection from $0.245 can quickly push XRP towards the 200-SMA at $0.229. A further breakdown will drive Ripple to the low at $0.212, which was calculated as a bearish target using the height of the ascending triangle pattern.
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