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    Home » Price Analysis » Ripple Price Analysis: XRP Rejected at $1.2 but Bullish Momentum Remains

    Ripple Price Analysis: XRP Rejected at $1.2 but Bullish Momentum Remains

    Author: Duo Nine

    Last Updated Nov 6, 2021 @ 17:38

    XRP broke above the pennant and rallied to the resistance at $1.2 only to be rejected and pushed back to support by bears.

    Key Support levels: $1.13; $1.06

    Key Resistance level: $1.2; $1.4

    As predicted in our last analysis, XRP rallied to $1.2 but was then quickly rejected by the bears and pushed lower to the support at $1.13. This shows that the bulls still do not have enough strength to sustain a rally. For now, the support level holds and may lead to another attempt from bulls to break above $1.2. If successful, this can push XRP higher towards $1.4.

    img1_xrp
    Chart by TradingView

    Technical Indicators

    Trading Volume: The rejection by the bears at the $1.2 resistance was sharp. However, the volume is currently fading. Therefore the bears are losing interest at these price levels, and bulls may take over once more.

    RSI: Despite the sharp rejection by the bears, the RSI managed to create a higher high on the daily timeframe. This is bullish in the long term, and the current drop in the price may be a temporary pullback before bulls make a new attempt at breaking the key resistance.

    MACD: On the daily timeframe, the MACD remains bullish, despite a falling histogram. A quick recovery from the bulls in the next few days can turn the tide back on the uptrend.

    img2_xrp
    Chart by TradingView

    Bias

    The bias remains bullish on XRP as long as it manages to hold the price above $1. The current correction can be interpreted as a short pullback before the price can continue its uptrend.

    Short-Term Prediction for XRP Price

    Despite the rejection, the bulls did manage to make a higher high on price and RSI. This is indicative that the larger trend is bullish. In this context, buyers may attempt another break at $1.2 before going for the next resistance at $1.4. Unless the bears step up their efforts, it’s likely that we will continue seeing XRP above $1 in the coming days.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ripple (XRP) Price
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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