The price of Ripple’s XRP cryptocurrency fell below a critical line of defense on November 26, opening up the possibility of a further decline. The cross-border transfer token is now struggling to reach higher levels as selling pressure increases.
XRP price faces a minor drop
The price of Ripple’s XRP cryptocurrency has broken below the lower bound of the ascending parallel channel pattern on the daily chart, reducing a bearish outlook. The dominant chart pattern suggests a 22% drop from the downtrend line at $ 1.03 USD.
The XRP token may discover its first line of defense at $ 0.92 USD, where the support line given by the Dynamic Reversal Indicator (MRI) is located. The next starting point will emerge at the 61.8% Fib retracement level at $ 0.86 USD. If investors continue to make a profit, Ripple could fall to mark the bearish target at $ 0.79 USD, causing a 15% drop.
If a massive increase in sell orders occurs, the price of Ripple’s XRP cryptocurrency may fall even lower, surpassing the aforementioned target, reaching the Fibonacci retracement level of 78.6% at $ 0.70 USD, corresponding to the low of the July 30.
The Arms Index (TRIN), which assesses general market sentiment, suggests that there are far more sellers than buyers in the market.
Daily Ripple Chart (XRP / USDT)
If the bulls decide to step in to reverse the bearish narrative, the price of Ripple’s XRP cryptocurrency will face immediate resistance at the 200-day Simple Moving Average (SMA) at $ 0.96, coinciding with the 50% retracement level.
XRP price may have a chance to reestablish its uptrend if it rises above the downtrend line of the parallel channel at $ 1.07 USD, corresponding to the Fibonacci retracement level of 38.2%. However, a difficult hurdle may appear near $ 1.11 USD, where the moving averages of the 21-, 50- and 100-day SMA intersect.
An acceleration of interest in Ripple could cause the price of the cryptocurrency XRP to rise towards the middle limit of the dominant chart pattern at $ 1.25 USD.
By Sarah Tran, FXStreet
Sarah has closely followed the growth of blockchain technology and its adoption since 2016. She worked at a crypto custody and crypto exchange, and prior to writing for FXStreet, she was a writer and content strategist at Blockchain News.
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.
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