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Technical Analysis for XRPUSDT for 15th November 2021

Ripple in a Bull Flag, XRP Buyers Expect a Break Out above $1.40

In the ongoing court case, Ripple Labs have been ordered to submit records of the marketing and sale of XRP, a move that would support the SEC's case. The blockchain company raised $1.3 billion in what the regulator said was through the sale of unregistered investment contracts.

Past Performance of XRP

The XRP is trailing the greenback and within a high volume bear candlestick of November 10.

Although Ripple buyers are confident, the failure of follow-through and reversal of recent losses skews price action in favor of sellers.

Presently, XRP/USDT prices are trending inside a pennant and broadly inside the bullish run of Q3 2021.

What to Expect of XRP

As aforementioned, Ripple bulls are upbeat, expecting fundamentals to turbocharge the upswing.

Even so, in the short term, XRP buyers must push above $1. 40 and the primary resistance trend line bounding the pennant for the uptrend to be valid.

Losses below November 10 lows at around $1.10 and later the round number at $1 may cancel the outlook, drawing sellers.

Ripple Technical Analysis

From an Effort-versus-Results perspective, XRP sellers are in command.

Technically, this outlook holds as long as prices are within the November 10 bear candlestick . It is wide-ranging, with distinctively high trading volumes suggesting participation.

However, the trend will shift to the upside if XRP buyers flow back, forcing prices above $1. 40 in a breakout pattern above the bull flag .

Subsequently, this may drive XRP/USD to $1.90 or better in the medium term.

Sharp losses confirming last week's losses below $1.0 and, most notably, $1 will cancel the bullish forecast. In that case, Ripple prices may fall to $0.85 in a retest.

Resistance level to watch: $1.40

Support level to watch: $1.10 and $1

Disclaimer: Opinions expressed are not investment advice. Do your research.

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