- XRP price has hit the critical resistance barrier at $0.26 again and got rejected.
- The price is now bounded between the 50-SMA and the 100-SMA on the daily chart.
XRP has established a critical resistance level at 0.26, tested on eight different occasions from September 4 until November 7. The last try managed to push XRP’s price towards $0.267 before quickly dropping to $0.244 on the same day.
XRP bulls have to crack $0.26 to target $0.30
The critical resistance barrier at $0.26 now coincides with the 100-SMA on the daily chart, adding even more strength to the level. The current price of XRP at $0.25 has bounced from the daily 50-SMA at $0.245.
XRP/USD daily chart
The price is contained between the 50-SMA and the 100-SMA. A breakout above $0.26 would be significant; however, the digital asset needs to also close above this point to target $0.30 as an initial price point.
Bears, on the other hand, are looking at the 50-SMA as the closest support level. The rejection on November 7 from the crucial resistance level at $0.26 is a clear and robust bearish sign considering all the previous rejections.
XRP/USD 1-hour chart
On the hourly chart, XRP’s price faces a strong resistance level at $0.252, the 50-SMA. The digital asset has established a downtrend, and it’s eying up a breakdown below the 200-SMA at $0.245, which would push XRP’s price towards $0.237.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Latest Crypto News & Analysis
Editors’ Picks
Three reasons why SafeMoon price might rally 60% soon
SafeMoon price has experienced a massive sell-off since June 15 as it deviated below its previous range low established on May 23. However, this deviation is likely to revert to the mean, providing an excellent opportunity for an uptrend.
Ethereum targets $2,400 before facing next hurdles
Ethereum price made a lower low on June 22, plunging below the $1,732 mark recorded amid the May market crash. While ETH price action followed the leading cryptocurrency as it faced recent negative news headlines, including China’s ban on digital assets, the second-largest crypto is heading for a swift recovery.
Bitcoin price to rebound, but BTC has not reached a market bottom yet
BTC price dips below $30,000 for the first correction this month. Chinese regulations are panicking crypto investors with mining bans. Stock markets push higher, leading to the potential return of risk sentiment for continued BTC buys.
Dogecoin comeback might propel it up by 26%
Dogecoin price slid below the May 19 range low to create a new bottom as the entire cryptocurrency market underwent a sell-off. Although DOGE has rallied considerably since setting up the recent swing low, more gains seem to be on the horizon.
Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive
Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.