Technical Analysis for XRPUSD for 4th November 2021
Ripple Revival, XRP Bulls Upbeat Targeting $1.40
Past Performance of XRP
The XRP price is trading at a four-week high at around October 2021 highs.
XRP/USDT buyers are confident, reading from price action in the daily chart.
At the time of writing, there is confirmation of this week's gains pointing to high demand and potentially more headroom for buyers.
What to Expect of XRP
The Ripple trading community remains upbeat.
Despite the ongoing court case, Ripple continues to strike deals and expand into MENA with extended wings in SE Asia. Fundamentally, this is solid and directly feeds buyers.
A confirmation of the recent swing highs would likely provide the base for another leg up towards $1.4—H2 2021 highs.
Ripple Technical Analysis
XRP bulls found support at the 61.8 Fibonacci retracement level of the Q3 2021 trade range.
Since then, the uptrend has been firm.
However, there would be more tailwinds if there is a break above the $1.40 resistance level.
The pace at which this liquidation line would be retested depends on a solid close above $1.20.
At present, buyers appear to be in control. Accordingly, risk-off XRP traders may buy the dips, targeting $1.40 in the short term.
Further gains above the line may see XRP/USDT surge to around $1.95—printing a new 2021 highs—flashing with the 1.618 Fibonacci extension level of the Q3 2021 trade range.
Resistance level to watch: $1.40
Support level to watch: $1
Disclaimer: Opinions expressed are not investment advice. Do your research.