Conversely, if the pair drops below the 10-day EMA, it will suggest profit booking by traders at higher levels.
If the bears can drag the price below the 50-simple moving average, a drop to $14,800 and then to $14,400 is possible.
This short-term bearish view will be negated if the price turns around and rises above $478.058.XRP/USD. XRP had been stuck in a range between $0.23 to $0.26 for over two months.
The tussle between the bulls and the bears could pull the price down to the breakout level of $0.26.
If the bulls purchase this dip and the price rebounds off the breakout level, it will suggest that traders are buying as they anticipate higher levels in the future.
If the price breaks and sustains below this support, it will suggest that bears have made a comeback.
The bulls pushed the altcoin above the downtrend line on Nov. 10 and are currently attempting to propel the price above the $118.10 to $120.7773 resistance zone.
The 10-day EMA has flattened out and the RSI is just below the midpoint, which suggests that the selling pressure has reduced.
They will now try to push the price to the psychological level of $5. This level may act as a resistance as the bears will try to stall the up-move in the $5 to $5.55 zone.
The first sign of weakness will be a break below the 10-day EMA. Such a move will suggest profit booking by the short-term traders and shorting by the aggressive bears.
Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, XMR, UNI
Published on Nov 15, 2020
by Cointele | Published on Coinage
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