Ripple price analysis 15 Nov: an uptrend may have to wait

Ripple may consolidate for a few days

Close up of silver crypto token embossed with a world map and the Ripple name and logo                                 
Learn more about our Ripple price analysis – Photo: Shutterstock
                                

Ripple announced the launch of a new product called Liquidity Hub on 9 November. This new offering will allow enterprises to “leverage smart order routing to source digital assets at optimised prices from market makers, exchanges, and [over the counter] OTC desks”. 

Initially, the Liquidity Hub will offer services for bitcoin, ether, litecoin, ethereum classic, bitcoin cash and XRP. In due course, Ripple plans to expand the functionality of the product and add staking and yield generating capabilities. 

“We have a long history of working with financial institutions, crypto exchanges, brokerages and market makers, which our enterprise customers can now directly benefit from. We’re planning to support a variety of assets and have plans to expand to more tokenised assets like NFTs in the future,” Ripple Net general manager Asheesh Birla told CNBC.

Could XRP go up after the launch of the new product or will investors stay away due to its ongoing lawsuit with the US Securities and Exchange Commission? Read the XRP price analysis to find out what the charts suggest.

Ripple technical analysis: weekly chart

A candlestick chart displaying the price of XRP on a weekly basis
Ripple technical analysis, weekly – Credit: Currency.com

XRP’s price rose above the downtrend line last week but the long wick on the candlestick suggests that the bears are selling on rallies. The XRP/USD pair gave up ground and closed at $1.19, with a loss of 2.65% for the week.

The rising moving averages and the relative strength index (RSI) in the positive zone indicate that buyers have the upper hand. The bulls will now make one more attempt to push and sustain the price above the downtrend line.

If they succeed, the pair could rally to $1.41 and then start its northward journey toward the overhead resistance zone of $1.75 to $1.95.

This bullish view will invalidate if XRP’s price turns down from the current level and breaks below the 20-week exponential moving average (EMA). Such a move could clear the path for a possible drop to the 50-week simple moving average (SMA).

Ripple technical analysis: daily chart

A candlestick chart displaying the price of XRP on a daily basis
Ripple technical analysis, daily – Credit: Currency.com

XRP’s price broke and closed above the overhead resistance at $1.24 on 8 November, which completed the ascending triangle pattern. However, the bulls could not sustain the price above the breakout level. This indicates hesitation to buy at higher levels. 

A minor positive is that bulls have successfully defended the 20-day EMA which suggests accumulation at lower levels.

The gradually rising 20-day EMA and the RSI in the positive territory, indicate a slight advantage to the bulls.

The buyers will now make one more attempt to clear the overhead hurdle at $1.24 and then at $1.41. If they manage to do that, the XRP/USD pair could start a strong move higher.

Contrary to this assumption, if the price breaks below the 20-day EMA, the pair could drop to the 50-day SMA and later to the support line of the triangle. A break and close below the triangle will signal that bears are back in control.

Ripple buy or sell at current levels

Ripple’s price analysis shows that bears are selling on rallies while bulls are buying on dips. The balance will tilt in favour of the bears if they sink the price below the 20-day EMA. Conversely, a break and close above $1.30 could indicate that buyers are back in command. 

Whatever the outcome might be, your decision to trade depends on your attitude to risk, your expertise in this market, the spread of your investment portfolio and how comfortable you are about losing money. This analysis does not constitute investment advice. It’s important to make your own analysis before deciding to invest. You should never invest more than you can afford to lose.

Ripple to US Dollar
Daily change
0.91367
Low: 0.90582
High: 0.9443

Further reading

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