As Recovery Stumbles at $0.62, What’s Next?

XRP Price Prediction: The XRP price has been under a strong recovery after it rebounded from its October 19th low of $0.477. Within a fortnight, a surge of 31.3% in market valuation propelled the price to a peak of $0.62. This upswing also signaled the end of a two-month consolidation, as it successfully broke through the upper trendline of the triangle pattern on October 24th. As we move into November, can XRP sustain this upward momentum?

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Will XRP Price Lose $0.6 Mark?

• The overhead supply at $0.62 mat triggers a 7% correction in XRP.
• The daily 20 day-EMA can offer initial support to the anticipated pullback
• The intraday trading volume in the XRP is $1.06 Billion, indicating a 28% loss

Source: Tradingview

The ongoing rally in XRP price encountered significant resistance at the $0.62 mark, possibly influenced by Bitcoin price consolidation, which is presently struggling to break above the $36,000 threshold. 

On the daily charts, the XRP price has formed long-wick candles at this level, hinting at the likelihood of a bearish retracement. Despite this, a minor pullback could serve to restore bullish vigor, potentially setting the stage for an extended rally. 

According to the Fibonacci Retracement Tool, the prospective supports are $0.59 at the 23.6% level, $0.56 at the 38.2% level, and $0.55 at the halfway mark. As long as XRP’s price remains above the 50% Fib level, the current uptrend should hold firm. 

Moreover, the recently concluded triangle pattern suggests that XRP could target the $0.666 mark, a nearly 9% leap from its present trading price of $0.605.

XRP vs ETH vs BTC Performance

Source: Coingape| XRP Vs Ethereum Vs Bitcoin Price

In the context of the past six months, the XRP price has shown a higher degree of volatility in comparison with the leading cryptocurrencies, Bitcoin and Ethereum. Nevertheless, the ongoing recovery has marked a period of notable appreciation for both BTC and XRP, but the Ethereum price momentum appears somewhat more subdued.

• Relative Strength Index: The daily RSI slope holding above 60%, indicating that bullish momentum is active.
• Exponential Moving Average: A bullish cross of the 50-day and 100-day EMAs provides additional confidence for those betting on an extended rally.