XRP/USD Long-term Trend: Bearish
The price of XRP has dipped twice from the 21-day SMA while remaining above the low of $2.00. On the upside, if buyers were successful, the bullish momentum may have continued above the 50-day SMA. XRP will test its high of $3.20. However, on November 1 and 6, the bullish momentum was repelled as it fell below the current support level of $2.30.
On the downside, the XRP is anticipated to fall toward the critical support level of $1.61. Buyers are anticipated to vigorously defend the $1.61 level. If the $1.61 support level is broken, XRP will go further lower to $1.25. Today, the fall continues, reaching a low of $2.20.
Technical indicators
Key Resistance Levels: $2.50, $3.00, $3.50
Key Support Levels: $1.50, $1.00, $0.50
Daily Chart Indicators Reading:
The 21-day and 50-day SMAs are also going lower as the decline continues. The lengthy candlestick wicks point above the $2.00 support, indicating strong buying pressure. The 21-day SMA has been resisting additional higher rises in the cryptocurrency.
XRP/USD Medium-term Trend: Bullish
On the 4-hour chart, XRP fell to a low of $2.00 before recovering. Bulls purchased the dips, and the cryptocurrency hit a high of $2.41. The bullish surge in XRP has failed once more, this time due to resistance from the 21-day SMA. Price movement has slowed due to the presence of Doji candlesticks.
4- Chart Indicators Reading
The moving average lines have a decreasing slope, suggesting a decline. The 21-day SMA is below the 50-day SMA, indicating a downtrend. Doji candlesticks describe the price bars, causing the cryptocurrency to trade in a range.
General Outlook for Ripple (XRP)
XRP’s price dropped below $2.30 but remained above the low of $2.00. Following the latest dip, the cryptocurrency price is hovering just above the $2.00 support. The rising trend has been halted below $2.35. The crypto signal is unfavorable, with the cryptocurrency facing more rejection at its recent high.
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