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Ripple Price Analysis XRP / USD: Sights Set High

XRP is looking good on both timeframes and could reach the $0.4500 level.

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  • Ripple has a bullish short-term trading bias, but remains bearish over the medium-term
  • The four-hour time frame shows an extremely large inverted head and shoulders pattern
  • The daily time frame shows a large descending triangle pattern

Ripple continues to struggle to forge a meaningful breakout above the $0.3000 level, despite the cryptocurrency having increasingly impressive technicals across both the lower and higher time frames.

The sharp reversal from the $0.2000 level in September and the bullish higher monthly low around the $0.2500 level has helped to form an impressive inverted head and shoulders pattern across the lower time frames.

The four-hour time frame shows that a rally towards the $0.4500 level could occur if XRP / USD buyers can rally price above the $0.3450 level. According to the size of the pattern, the XRP / USD would add roughly thirty percent to its value if the bullish breakout occurred.

SIMETRI Research

In the near-term, XRP / USD buyers need to hold price above the psychological $0.3000 level in order to encourage the next push higher. Sustained strength above Ripple’s 200-day moving average, at the $0.3250 level, is also critical to attracting fresh technical buyers.

The daily time frame also shows a large descending triangle, with the top of the price channel coinciding with the upside projection of the bullish inverted head and shoulders pattern, around the $0.4500 level.

Looking at the medium-term downside potential for the XRP / USD pair, a loss of the $0.2500 level would be extremely bearish for the cryptocurrency and may prompt a technical test towards the October trading low, around the $0.2350 level.

At present, the XRP / USD pair is well-supported on pullback towards the $0.2800 level and does not appear in any imminent danger. Short-term sellers will, however, gain traction if the $0.2800 support level is overcome.

According to the latest sentiment data from TheTIE.io, the short-term sentiment towards Ripple is neutral, at 44.00 %, while the overall long-term sentiment towards the cryptocurrency is bearish, at 36.00%.

 

XRP H4 Chart November 4 by TradingView
XRP / USD H4 Chart by TradingView


Upside Potential

The four-hour time frame shows that a large inverted head and shoulders pattern has formed, with the $0.3450 level acting as the neckline of the bullish pattern.

Key technical resistance before the $0.3450 level is currently located at the $0.3000 and the $0.3250 level. Medium-term resistance for the XRP / USD pair is found at the $0.4000 and $0.4500 levels.

 

XRP Daily Chart November 4 by TradingView
XRP / USD Daily Chart by TradingView


 Downside Potential

The four-hour time frame is showing that the $0.2800 level is providing the strongest form of short-term technical support below the pivotal $0.3000 level.

The daily time frame shows that a break below the $0.2500 level would be extremely bearish for the XRP / USD pair and could prompt a decline towards the $0.2350 and possibly the $0.2000 levels.


Summary

Ripple has improving short and medium-term technicals, with both the four-hour and daily time frame highlighting the $0.4500 level as a potential upcoming price target.

In the near-term, it is critical that XRP / USD bulls gain the upper hand above the $0.3250 resistance level.

 

Find out more about Ripple and XRP in our coin guide.

A deeper look into the merits of the project can be found in our SIMETRI Report.

 

XRP Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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