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Ripple price could dump massively if this crucial resistance remains intact


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World Markets


  • Ripple battles the resistance at the 100-day SMA after failing to break the hurdle at $0.27.
  • XRP/USD could resume the downtrend to $0.26 as an ascending triangle pattern comes into the picture.

Ripple price appears to have stalled after taking down the resistance at $0.26. An attempt to push the cross border token to $0.30 hit a massive wall under $0.27. Instead, the fourth-largest cryptocurrency retreated beneath $0.26. At the time of writing, XRP/USD is teetering at $0.257 amid a developing bearish outlook.

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XRP’s immediate upside is capped by the 100 Simple Moving Average in the daily range. An ascending triangle pattern’s x-axis also limits price movement. The longer Rippled stays under these two hurdles, the stronger the bearish grip becomes.

It is essential to realize that ascending triangles are interpreted as continuation patterns in technical analysis. A breakout can occur either up or down, however, the price tends to continues with the trend preceding the consolidation. In this case, XRP is likely to break down to the support highlighted at $0.22.

XRP/USD daily chart

XRP/USD price chart
XRP/USD price chart by Tradingview

The 50-day SMA is in line to absorb some of the selling pressure. Other critical support levels to keep in mind include $0.24 and the 200 SMA, currently holding the ground at $0.231.

Meanwhile, the Relative Strength Index suggests that the price is still largely in the hands of the bulls until a breakdown is confirmed, perhaps by a daily close under the 50 SMA. On the contrary, recovery will come into the picture if Ripple reclaims the position above $0.26. Price action above $0.27 is likely to call for more buy orders as XRP bulls plan the angle of attack to overcome the resistance at $0.3.

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Cryptocoincoach

Ripple Intraday Levels

Spot rate: $0.256

Relative change: 0.0018

Percentage change: 0.75%

Trend: Sideways biased

Volatility: Low

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2020-11-11 02:52:33

John Isige

Coingape

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