XRP Is Stuck in a Range Due to Rejection at $0.73
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XRP (XRP) Long-Term Analysis: Bullish
XRP’s (XRP) price has risen impressively but is stuck in a range. On November 6, the bulls were repulsed at the $0.74 resistance level. The cryptocurrency asset has retraced to a low of $0.65 and is now moving sideways below the resistance zone. The cryptocurrency asset is currently trading at $0.69 at the time of writing.
On the plus side, the price indicator indicates that the crypto will continue to rise. Meanwhile, a retraced candle body tested the 78.6% Fibonacci retracement line on November 6. The retracement suggests that XRP/USD would increase but then reverse at the 1.272 Fibonacci extension or $0.80 level.
On the downside, if buyers fail to break through the current high, the altcoin will oscillate between $0.65 and $0.74.
Technical Indicators:
Major Resistance Levels – $1.00, $1.50, $2.00
Major Support Levels – $0.50, $0.30, $0.10
XRP (XRP) Indicator Analysis
On the 4-hour chart, XRP has retraced and broken below the 21-day SMA but above the 50-day SMA. The crypto asset will be compelled to move in a range for a few days. However, if the bears break below the moving average lines, the decline will resume.
What Is the Next Direction for XRP (XRP)?
The crypto asset is facing rejection at $0.73 but is stuck in a range. $0.73. The altcoin is now trading between $0.65 and $0.74. The uptrend will resume until the resistance level of $0.74 is breached. XRP will fall to $0.58 if the $0.65 support level is breached. Meanwhile, XRP is still trading in a bullish trend zone.
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