Ripple Price Prediction – November 17
As reveals by the daily chart, the Ripple price is trying to recover from the intraday low of $1.05 amid the improved market sentiments.
XRP/USD Market
Key Levels:
Resistance levels: $1.30, $1.35, $1.40
Support levels: $0.90, $0.85, $0.80
XRP/USD regains ground after a severe sell-off to $1.05 during the early Asian hours of today. Currently, the Ripple (XRP) is changing hands at $1.09 as it is down by 0.63% since the start of the day. Despite the slight recovery, the Ripple price is still lower from this time of yesterday. However, the Ripple price is likely to continue to move sideways as the technical indicator implies or face the downtrend if the 9-day moving average crosses below the 21-day moving average.
Ripple Price Prediction: Ripple (XRP) May Likely Trend Downwards
The Ripple price remains below the 9-day and 21-day moving averages by the recent market-wide sell-off, with the cryptocurrency’s price erasing the vast majority of the gains that it has been able to gain over the past few weeks. Meanwhile, a sustainable move above $1.20 is needed to improve the technical picture and to set the bullish ball rolling for the coin.
The daily chart shows that XRP/USD may trend downwards if the price crosses below the important support level of $1.00. This particular level has been tested as support on several occasions but once this is out of the way, the downside is likely to gain traction with the next focus towards the support levels of $0.90, $0.85, and $0.80. Meanwhile, crossing above the moving averages could locate the resistance levels of $1.30, $1.35, and $1.40 respectively.
When compares with Bitcoin, the Ripple keeps moving around 1818 SAT below the 9-day and 21-day moving averages. After the coin touches the daily high at 1837 SAT today, the coin later retreated back below the moving averages. Meanwhile, the coin may continue to move sideways as the sellers could put pressure on the market.
However, if the sellers put more pressure, the Ripple price may drop to 1650 SAT and below. At the moment, the technical indicator Relative Strength Index (14) moves around 45-level as the market remains at the downside of the channel while the resistance level are located at $2000 and above should in case the bulls push the price above the upper boundary of the channel.
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