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As the digital asset market navigates through a correction, XRP has recently faced a significant hurdle at the $0.7 mark. This price point represents a substantial resistance level, and the latest price movements have left many investors questioning if <a href="https://u.today/ripple-transfers-60-million-xrp-to-unknown-wallet-as-xrp-price-finds-ceiling">XRP</a> has the momentum to sustain a <a href="https://www.tradingview.com/">breakthrough</a>.
The current chart illustrates a stark reversal in XRP's trajectory, suggesting that the $0.7 ceiling proved too robust for the current buying pressure. After an enthusiastic rally, XRP's value approached this threshold but was met with a vigorous sell-off, evident by the long upper shadow of the latest candlestick. Such price action typically signifies a strong rejection and can often precede a potential downturn.
<img alt="XRP chart" data-entity-type="file" data-entity-uuid="e769f9ce-80bd-4e3d-90eb-24258e5c6b7b" src="https://u.today/sites/default/files/inline-images/image_207.png">Source: <a href="https://www.tradingview.com/">TradingView</a>
A deeper look into the technical indicators provides further insight into the asset's conditions. The Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movements, is indicating a massively overbought market for <a href="https://u.today/btc-eth-and-xrp-price-analysis-for-november-6">XRP</a>. When the RSI exceeds 70, it is generally understood that the asset may be overextended and could be due for a correction — a reading that is currently reflected on the chart.
Additionally, the moving averages — often used to identify the direction of the trend and potential support and resistance levels — show that despite the recent rally, the swift reversal places <a href="https://u.today/xrp-bitcoin-cardano-crypto-funds-catch-major-inflow-wave">XRP's</a> price near the shorter-term moving averages. This proximity suggests a loss of upward momentum and may act as a short-term support if the price continues to decline.
The substantial volume spike accompanying the reversal highlights the intensity of the sell-off, emphasizing the gravity of the resistance encountered at $0.7. Such volume often accompanies decisive movements in price, signaling a strong sentiment shift among traders and investors.

Did XRP Give up at $0.7 Resistance?

U_Today

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