Tech

XRP Rally Cools Down Even As Analysts Predict A rally to $0.9

11/03/2023
Bitcoin Ethereum News

Ripple

Ripple price has risen 2.64% over the last 24 hours to trade at $0.5864 as of 1:30 a.m. EST. The rally witnessed in the XRP price since mid-October appears to be fizzling out as the remittance token turns down on the daily timeframe.

XRP, however, remains bullish in the medium term. It is up 5% on the week and 12% over the last 30 days. The token is also up 27% over the last six months and remains bullish in 2023 as its year-to-date gains stand at an impressive 73%.

As XRP continues to maintain stability, analysts project a positive outcome for the cryptocurrency going into November 2023.

Crypto analyst going by the name CrediBULL Crypto on X posted the following video saying that XRP is going through a logical level resistance at the moment. If the cross-border payments token fails to breach this barrier, there could be a huge drop in price.

On the bullish side, CrediBULL Crypto believes ““If XRP can get past the local resistance ($0.68), it is a very bullish sign and there’s a decent chance it breaks the resistance to reach highs around $0.90.”

Another analyst, Pentoshi had earlier predicted that a breakout above $0.54 could trigger a jump up to the $0.62 to $0.63 range for the token.

The token reached as high as $0.61 during the early Asian trading hours on November 1, before making a slight correction toward $0.5864.

XRP Price Analysis as Bulls Eye 54 Gains to $0.9

Ripple price oscillated within a tight range stretching from $0.475 and $0.54 between Aug. 15 and Oct. 22. The bulls managed tp push the price above the resistance at $0,54 on Oct. 23 as XRP rallied in tandem with the wider crypto market.

Ripple soared as much as 20% to reach a high of $0.6217 on Oct. 31. At the time of writing, seller congestion at the $0.70 psychological level appears to be rejecting the price as the bears strive to make sure that XRP begins the first week of November in the red.

Immediate support sits at $0.5626, embraced by the 20-day Exponential Moving Average (EMA). Losing this level would see XRP drop toward the upper limit of the range at $0.54, where the 50-day EMA is found and later to the 100-day EMA at $0.5312.

Dropping below these footholds would see the price drop to seek solace from the lower limit of the range at $0.475. Traders could expect Ripple to trade within this range for a few more days or weeks before establishing any directional bias.

XRP/USD Daily Chart

Supporting this pessimistic outlook for XRP is the downward facing Relative Strength Index (RSI). The RSI also showed that Ripple was recently massively overbought with the price stength reaching as high as 75. This triggered the ongoing correction, adding credence to the downward outlook.

On the upside, the RSI remained in the positive region at 68. This suggested that buyers were still dominating the market. They could push Ripple price from the current levels first toward the $0.65 psychologiucal level and then to the revisit the $0.6658 range high.

In highly ambitious cases, XRP may climb higher to confront resistance from the supply zone between $0.70 and $0.75. Breaking this barrier would see the international payments token rise to tag the $0.90 psychological level. This would represent a 54% uptick from the current price.

Day trader seeking to go long of XRP should wait for a decisive daily candlestick close above the $0.65 with short term targets set at$0.70. Bears should wait for a close below $0.55 with the downside target set at $0.50.

Source: https://www.analyticsinsight.net/ripple-price-prediction-xrp-rally-cools-down-even-as-analysts-predict-a-rally-to-0-9/