RIPPLE PRICE ANALYSIS & PREDICTION (November 14) XRP Tests 8-Month High After Breakout, Now Faces Rejection
As many altcoins turn red amid the current market drop, XRP remains strong and continues to trade in a green zone. However, it has seen a slight drop today but the price is still up by 7% in the past hours.
Last month saw XRP through a notable reduction as the price hit a low of $0.49 due volatility drop. This led to a serious accumulation phase and the price remained weak throughout that month.
Trading turned out more volatile this month due to rising demand and the price slowly bounced back, joining other altcoins in the latest bull run. This led to a break above the key $0.66 level and XRP charted roughly 25% gains in 11 days but temporarily lost buzz after meeting resistance at $0.74.
However, the price has retraced sharply and tested the mentioned key level a few hours ago. The bulls intercepted the drops and quickly pushed back the price to where its trading at $0.7.
Now that they are back in action, they must retake the current daily high before confirming more upward movement as this could lead to a massive surge in volatility. Failure to retake it could bring a pause in the rally before breaking higher.
All in all, XRP remains bullish on the daily chart. The price must drop below the previous monthly low before considering a bearish move.
XRPs Key Level To Watch
As XRP recovers from todays drop, the immediate resistance to watch for tests is $0.75. Flipping through this resistance level could facilitate a bigger move to the $0.855 and $0.938 resistance levels July 2023 high.
In case of more drops, the $0.665 level is the closest support to keep in mind. If the price further dips, we may see a broader pullback into the $0.607 and $0.56 levels for support.
Key Resistance Levels: $0.75, $0.855, $0.938
Key Support Levels: $0.665, $0.607, $0.56
- Spot Price: $0.7
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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