Technical Analysis for XRPUSD for 25th November 2021
Ripple Bears Rampant, XRPUSDT Hold Above $1
Past Performance of XRP
The XRP army pins its hopes on the settlement of the ongoing court case with the U.S. SEC.
Positive as it may be, Ripple buyers are having a hard time containing rapid sellers in the daily chart.
As visible, XRPUSDT prices are trending lower, as the deluge of selling pressure threatens to force the coin below the psychological round number at $1.
What to Expect of XRP
Over the long haul, XRP stands a chance.
However, in the short term, sellers have the upper hand. The primary support remains at $1.
If XRPUSDT prices melt below this critical support line, the coin may crash back towards $0.85—the 2018 highs and important support—formerly resistance.
On the flip side, should Ripple buyers flow back, propping up the coin, gains above $1.20 and $1.30 may assuage the downtrend fears, turning the trend to favor buyers.
Still, a convincing break above $1.40—and the current accumulation—may signal a complete turnaround that may go on to lift Ripple towards $1.90—and better.
Ripple Technical Analysis
Fissures are developing on the XRPUSDT chart on the daily chart.
After the incredible performance in early Q3 2021, prices are understandably cooling off.
There are lower lows, and XRP prices are stuck in a momentum sapping sideways movement.
Risk-averse traders may take a wait-and-see approach until there is a clear trend above $1.40 or below $0.85.
Meanwhile, aggressive traders may find reasons to fade the primary trend by doubling down on dips above $1.
Sharp losses below $1 would cancel the prospects of higher highs in the short term, increasing the odds of a possible dip to $0.85 in a retest.
Resistance level to watch: $1.40
Support level to watch: $1
Disclaimer: Opinions expressed are not investment advice. Do your research.