. Daily Crypto Analysis - XRP Teeters at $0.65 as Bitcoin Soars, Risks Dip.

Daily Crypto Analysis – XRP Teeters at $0.65 as Bitcoin Soars, Risks Dip.

Daily Crypto Analysis – XRP Teeters at $0.65 as Bitcoin Soars, Risks Dip.

30 Nov 2023

Introduction:

In the crypto landscape, Ripple (XRP) faces resistance under $0.65, diverging from Bitcoin’s ascent past $38,000. With the 25-day EMA as a hurdle, XRP clings above $0.5891, risking a 10% decline if support at $0.5891 falters. Meanwhile, Ripple and Bitcoin reveal a price disparity. Bitcoin’s struggle above $38,500 echoes concern over a potential Fed hard landing, while Ethereum (ETH) consolidates without a clear directional bias.

Ripple:

XRP remains below $0.65 despite Bitcoin hitting $38,000 three times in a single week.

Having converted the 25-day EMA into a resistance barrier at $0.6142, Ripple’s price precariously clings above the $0.5891 support. A breach of this support may lead to a 10% downturn, causing XRP to potentially consolidate below $0.5751 in a worst-case scenario.

Ripple (XRP) and Bitcoin (BTC) exhibit a lack of price parity. Despite being in the top three cryptocurrencies, Ripple struggles to surpass $0.6500, while Bitcoin successfully ventures upward, testing the $38,000 psychological threshold for the third time within a week.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.5938 | Negative Crossover | Bearish
  • MA 20: 0.5981| Negative Crossover | Bearish
  • MA 50: 0.6036| Negative Crossover | Bearish

Simple:

  • MA 5: 0.5954 | Negative Crossover | Bearish
  • MA 20: 0.6005| Negative Crossover | Bearish
  • MA 50: 0.6044| Negative Crossover | Bearish

RSI (Relative Strength Index): 42.06| Neutral Zone |Neutral

Stochastic Oscillator: 32.06| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 0.6163| R2: 0.6657
  • S1: 0.5843| S2: 0.5251

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell : 0.5659 | Take Profit: 0.5251 | Stop Loss: 0.5911.

Elsewhere In the Crypto Market

The attempt to break out above $38,500 in Bitcoin’s price is unsuccessful, influenced by concerns over a potential hard landing for the Federal Reserve, intensified by the impact of the US GDP. The price of Ethereum (ETH) continues to consolidate, lacking a clear directional bias now.

Bitcoin down (0.37%) at 37,722, Ethereum down (0.03%) at 2,028.8, Litecoin down (0.77%) at 69.49, Solana down (2.51%) at 59.60, Doge coin up at (1.98%) at 0.82 as of writing time.

Key Economic Events & Data Release Today:

(CNY) Manufacturing PMI (Nov) Actual 49.4, Forecast 49.7, Previous 49.5 at 07:00.

(EUR) German Unemployment Change (Nov) Forecast 22k, Previous 30K at 14:25.

(EUR) CPI (YoY) (Nov) Forecast 2.7%, Previous 2.9% at 15:30.

(CAD) GDP (MoM) (Sep) Forecast 0.0%, Previous 0.0% at 19:00.

(USD) Initial Jobless Claims Forecast 220K, Previous 209K at 19:00.

(EUR) ECB President Lagarde Speaks at 19:00.

(USD) Pending Home Sales (MoM) (Oct) Forecast –2.0%, Previous 1.1% at 20:30.