XRP Price Prediction: The rising supply pressure at $0.62 hints at the potential retracement in this altcoin.
Published 10 mins ago
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?
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
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.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.