Technical Analysis for XRPUSD for 10th November 2021
Ripple in a Bullish Breakout above Pennant with Eyes on $1.40
Past Performance of XRP
The XRP/USDT price is trading in a bullish breakout pattern above a bull flag, evident in the daily chart.
Overall, XRP bulls have been resilient, soaking in selling pressure, defying the odds to print higher this week in spite of headwinds.
What to Expect of XRP
Analysts expect a re-price to pump the coin higher, considering XRP/USDT's bullish candlestick arrangement and the state of the ongoing court case.
Presently, buyers are in the driving seat, trading above October 2021 highs at around $1.20.
Given the XRP/USDT candlestick arrangement, there might be cause for prices to lift higher towards $1.40—Q3 2021 highs—or better in the weeks ahead.
Ripple Technical Analysis
Traders are confident of Ripple and XRP medium-term prospects.
XRP/USDT prices are within a bullish breakout pattern above the wedge as bulls sustain the coin above October 2021 highs.
Reading from the daily chart, there might be entries for buyers to double down, targeting Q3 2021 highs of $1.40 on every retracement. This condition is, however, valid only if prices are above $1.20—the immediate support.
Conversely, losses below $1.20 unwinding recent gains may see XRP drop back to $1 in a retest.
Resistance level to watch: $1.40
Support level to watch: $1.20
Disclaimer: Opinions expressed are not investment advice. Do your research.