XRP’s price action exploded in November, here’s what you need to know.
Key Support levels: $0.92
Key Resistance levels: $1.6
1. XRP is Consolidating After a Strong Rally
In November, XRP’s price went on a 200% run to the $1.6 resistance. This is both impressive and surprising considering that this cryptocurrency is a top 10 coin by market cap.
Ethereum, for example, only advanced 50% in the same period. This has returned attention to XRP and the price is consolidating under the key resistance at the time of this post.
Chart by TradingView
2. Bias Remains Bullish
The weekly MACD shows a clear bullish bias. There is no weakness in the price action either and the histogram shows that by making higher highs. The main takeaway is that XRP has a likely chance to continue higher later.
Chart by TradingView
3. Weekly RSI Cooldown
While the overall momentum remains bullish, the weekly RSI shows that its intensity has decreased and this is a healthy retrace before further gains. Once this consolidation is over, the key resistance at $1.6 may be put under pressure again.
Ever since Bitcoin moved above $74К, the altcoin market has started to rally in double digits. XRP is no different and registered a 14% increase in the past seven days. This pushed the price right under the key resistance at 68 cents which may fall at any moment.
Chart by TradingView
2. Buyers are Back, but Volume Lags
Even if buyers dominate right now, the volume has failed to make a higher high. A clear breakout above the current resistance may bring more attention to XRP, which will aim for 93 cents as the next major target.
Chart by TradingView
3. MACD Turns Bullish
The momentum indicators, such as the weekly MACD, give a clear bullish bias. After some weeks of relatively low volatility, this could be the start of a major rally for XRP. Once the current resistance is broken, buyers will have a clear path towards $1.
So far in October, XRP was unable to make new highs. This has kept the price close to the key support at 52 cents which is currently being disputed. If sellers are successful here, then the cryptocurrency could fall to 48 cents next.
Chart by TradingView
2. Buyers Struggle to Maintain Control
Even if buyers show weakness, they still manage to hold XRP above 50 cents. Nevertheless, time is running against them as sellers continue to put pressure. Eventually, the key support may fall if the buy volume does not return.
Chart by TradingView
3. Volume in Decline
XRP’s volume has been declining since March, with clear lower highs. Until this trend reverses, buyers are fighting an uphill battle. If nothing changes, a drop to lower support levels is likely. Watch 48 cents as the next key level.
