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Market

XRP is showing signs of strength despite recent rejection

November 7, 2021 - Around 2 mins mins to read

XRP broke the symmetrical triangle and rose to the $ 1.2 resistance level. However, this was fleeting as the bears quickly pushed the price down.

  • Key Support: $ 1.13; $ 1.06
  • Key Resistance: 1.2 USD; $ 1.4

As predicted in our most recent analysis, XRP rose to $ 1.2 but was rejected by the bears afterwards. This shows that the bulls are still not strong enough to sustain a rally. For now, they hold key support and could make another attempt to break above $ 1.20. If successful, this can raise XRP to $ 1.40.

xrp-suc-manh

XRP / USDT daily chart | Source: TradingView

Technical indicators

Trading Volume: The bears’ rejection of the USD 1.2 resistance is clear. However, the volume is currently weakening. That means the bears might lose interest in these courses and the bulls could take over again.

RSI: Despite strong rejection from the bears, the RSI has made a higher high in the daily timeframe. This is a bullish signal and the current drop in prices could be a temporary retreat before the bulls make another attempt to break out of vital resistance.

MACD: On the daily timeframe, the MACD line is still bullish despite its histogram producing lower momentum bars. A quick rebound in the bulls over the next few days could reverse the upward trend.

xrp-suc-manh

XRP / USDT daily chart | Source: TradingView

Perspectives

Despite the rejection, the bulls made a higher high on the RSI. This is a sign that the momentum is increasing.

With that in mind, buyers could try again to break above the $ 1.2 resistance. If successful, the uptrend will be confirmed with the next target at USD 1.40.

The next support is at $ 1.13.

You can see the XRP price here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cryptopotato

rejection

showing

signs

Strength

XRP

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Market

XRP is showing signs of strength despite recent rejection

XRP broke the symmetrical triangle and rose to the $ 1.2 resistance level. However, this was fleeting as the bears quickly pushed the price down.

  • Key Support: $ 1.13; $ 1.06
  • Key Resistance: 1.2 USD; $ 1.4

As predicted in our most recent analysis, XRP rose to $ 1.2 but was rejected by the bears afterwards. This shows that the bulls are still not strong enough to sustain a rally. For now, they hold key support and could make another attempt to break above $ 1.20. If successful, this can raise XRP to $ 1.40.

xrp-suc-manh

XRP / USDT daily chart | Source: TradingView

Technical indicators

Trading Volume: The bears’ rejection of the USD 1.2 resistance is clear. However, the volume is currently weakening. That means the bears might lose interest in these courses and the bulls could take over again.

RSI: Despite strong rejection from the bears, the RSI has made a higher high in the daily timeframe. This is a bullish signal and the current drop in prices could be a temporary retreat before the bulls make another attempt to break out of vital resistance.

MACD: On the daily timeframe, the MACD line is still bullish despite its histogram producing lower momentum bars. A quick rebound in the bulls over the next few days could reverse the upward trend.

xrp-suc-manh

XRP / USDT daily chart | Source: TradingView

Perspectives

Despite the rejection, the bulls made a higher high on the RSI. This is a sign that the momentum is increasing.

With that in mind, buyers could try again to break above the $ 1.2 resistance. If successful, the uptrend will be confirmed with the next target at USD 1.40.

The next support is at $ 1.13.

You can see the XRP price here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cryptopotato

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