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Ripple Price Analysis: XRP Fails to Break Above $0.27

  • In this Ripple price analysis, XRP price fails to break above $0.27 and settles at $0.25.
  • Ripple battles the resistance at the 100-day Simple Moving Average (SMA).

Ripple (XRP), the world’s fourth-largest cryptocurrency by market cap, has failed to break above $0.27. The XRP price has faced another rejection and might slump back down to test the $0.2279 support level.

XRP/USD Daily Chart (Source: TradingView)
XRP/USD Daily Chart (Source: TradingView)

Amid developing a bearish outlook, XRP/USD price is settling at $0.256119, at the time of writing. Currently, the XRP price battles the resistance at the 100-day Simple Moving Average (SMA). Other critical support levels include $0.24, while the 200 SMA currently holds the ground at $0.231.

An ascending triangle pattern’s x-axis also limits the XRP price movement. Meanwhile, the Relative Strength Index (RSI) reveals that the price is still on the bullish trend. On another note, if the Ripple price continues above $0.26, it could start a new uptrend with the first target objective at $0.30. Price action above $0.27 is likely to call for more buy orders.

Moving forward, analysts expect XRP to break the resistance and reach $0.30. However, XRP has been hovering between $0.23 and $0.26 for the past five weeks. Even so, if the price sustains above $0.26 for a day, the XRP/USD pair might see an uptrend.

In line with this Ripple price analysis, Timothy Peterson, an alternative investment analyst, believes that XRP might outperform Bitcoin in 2021. “Although Lowest Price Forward is strictly a price trend, I validated this trend with fundamental metrics from Coin Metrics,” says Peterson.

Also, analyst Dave the Wave highlights hope for XRP’s future in the USD pair. Despite today’s XRP price analysis, the chart indicates that XRP has the potential to break crucial resistance at $0.30 in July of next year and move quickly to about $0.50.

CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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