XRP (XRP) broke out and closed above the 50-day SMA line ($0.55) on November 7, but the long wick on the candlestick suggests selling at higher prices.
XRP/USDT daily chart | Source: TradingView
The bears are trying to pull the price below the 50-day SMA line. If successful, the XRP/USDT pair could slide down to the 20-day EMA line ($0.53), which is expected to attract buyers. If the price strongly bounces from the 20-day EMA line, the bulls will attempt to push the currency pair up to $0.64.
This positive outlook will be invalidated in the short term if the price drops below the 20-day EMA line. At that point, the currency pair could decline to the important support level at $0.46.
