XRP sidled today as it keeps trading just above the $0.252 line. The coin had multiple trials to break above the resistance level at $0.261 over the last few days but failed every time.
Against Bitcoin, XRP attempts to continue as the sellers put pressure on it to go back into the October lows at 1915 SAT.
XRP/USD – Bulls Trade Sideways After Triangle Break
The previous week, XRP was able to break out of the symmetrical triangle pattern but since moved sideways. The cryptocurrency seems to stay supported at the $0.25 line but has a hard time breaking the resistance around $0.261.
To turn bullish, XRP would require closing a daily candle above the $0.261 line to show that the buyers are prepared to push higher toward the $0.28.
XRP/USD Daily Chart. [Image Source: TradingView]
XRP-USD Short Term Price Prediction
Looking to the future, if the buyers rebound from $0.25 and manage to break above the $0.261 line, they’ll encounter higher resistance at $0.271, $0.28, and $0.286. However, if the sellers take the coin under the current $0.25 support, the next support levels are at $0.245, $0.237, and $0.228.
The volume seems to be plummeting, and the Stochastic RSI generated a bearish crossover signal in overbought territory, which is a powerful selling signal when mixed with the dropping volume.
XRP/BTC – XRP Struggling Under 2000 SAT.
The previous week, XRP broke beneath the 2000 SAT line and continued to have a hard time over the weekend as it broke the support level at 1960 SAT. Today, after a short push toward 2000 SAT, the sellers appeared and pushed XRP back into the October lows at 1915 SAT.
XRP is in a difficult position against Bitcoin at the moment. If the sellers manage to break beneath 1900 SAT, XRP would set new 2020 lows for the XRP/BTC pair.
XRP/BTC Daily Chart. [Image Source: TradingView]
Looking ahead, if the sellers break the 1915 SAT line, the first level of support can be found at 1900 SAT, which is also the July 2020 low. Further down, support lies at 1865 SAT, 1800 SAT, and 1780 SAT.
On the flip side, the first line of resistance is at 1960 SAT, followed by the 2000 SAT level, 2035 SAT, and the 2100 SAT line.