- Ripple’s XRP is set for buying but facing a lot of weak liquidation for the past three days.
- XRP is still following a long-term bearish sentiment, but it may come to an end if the bulls can reclaim $0.30 resistance.
Following the weekly short opening that led Ripple’s XRP price to $0.2025, the third most-traded cryptocurrency is now floating at $0.23 after witnessing a quick bounce on November 25. Due to this effect, XRP is now sitting on a monthly low of $0.20. However, there’s a hope for the bulls to reclaim the $0.30 resistances if the demand is increasing.
Ripple’s Current Statistics
Trading Price: $0.22
Market Capitalization: $9,883,254,063
Trading Volume: $1,287,315,557
Ripple (XRP) Price Prediction for November 29, 2019
The daily chart for Ripple’s XRP shows an extension of the mid-year bearish actions in a channel. But considering the recent positive move in the market, XRP is forming a new bullish setup that is likely to shoot the price at $0.30 resistance levels in the coming days. Although, there’s near resistance at $0.25.
Most notably, XRP has tested the lower boundary of the channel on November 29 with a pin bar candle close – which has given bring a small growth to the XRP price. As we can see, the bullish setup is quite sluggish.
Well, this could be due to low buying pressure since the price bounced off the $0.20 support. There’s a tendency for a bearish continuation if the sellers step back in the market. A massive sell-off could roll the price of XRP below the channel as potential support lies at $0.18.
However, XRP may see a complete reversal if the buyers can push the price above the four-month channel pattern. But considering the current price actions, XRP is still struggling to leave the bearish zone. Technically, the intraday traders are still wary of the bearishness, but for swing traders, the future seems bright for Ripple’s XRP.
Technical Indicator Reading
The RSI for Ripple’s XRP is rising back due to the recent price increase in the market. More buying pressure is likely if RSI continues to climb.
The MACD for XRP is still in the negative zone, which still shows signs of weakness in the market.
Key Resistance Levels: $0.25, $0.30
Key Support Levels: $0.20, $0.18
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.