Crypto: Are Buyers Returning To XRP? Technical Analysis As Of November 14, 2024

XRP rebounds at the bottom of its consolidation and registers a performance of 50%. Let’s examine the upcoming prospects for its price.

XRP Situation

After reaching a peak of $0.93 in July 2023, XRP entered a long consolidation phase within a range roughly between $0.75 and $0.43. Recent fluctuations show that the cryptocurrency tested the lower boundary of this range, hitting a low point of $0.38. This level triggered a rebound allowing it to break through a notable resistance at $0.57, marking a new peak at $0.66. Subsequently, the cryptocurrency entered a new medium-term consolidation phase, still in the form of a range. Recently, XRP hit support at $0.50, bolstered by an important value area, before benefiting from market momentum and appreciating by more than 50%. XRP thus surpassed its annual VWAP, its resistance, and reached the top of its long-term consolidation at $0.75.

As of the time this text was written, the XRP price is trading around $0.71. XRP thus generated a slight selling interest as it approached this resistance level. Now, the medium-term trend appears to have officially turned bullish, as evidenced by Dow theory. Regarding the 50-day and 200-day moving averages, they are not yet genuinely trending upward, but the fact that they have crossed positively is a reassuring sign. Concerning XRP’s momentum, it has, unsurprisingly, been revised upward, as indicated by its price and oscillators.

XRP/USD Price Chart DailyThe current technical analysis has been carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Currently a trainer at Family Trading, a community of thousands of active proprietary traders since 2017. You will find Live sessions, educational content, and mutual assistance around financial markets in a professional and friendly atmosphere.

Forecast for the XRP Price

• If the XRP price remains above $0.50, a breakout above $0.75 could be considered. The next resistance to watch, if the bullish movement continues, would be around $0.85. Beyond that, the $0.93 area is noted, followed by the psychological threshold of $1. At this stage, that would represent an increase of over 40%.

• If XRP fails to maintain above $0.50, a return to $0.43 could be envisaged. The next support to consider, in case of a continued bearish movement, would be around $0.40, or even $0.38. Lower down, support is noted at $0.35, which would then represent a drop of about 50%.

Conclusion

XRP shows promising signs of recovery after a consolidation period. Although the indicators are generally favorable, caution remains necessary in the face of still-present resistances. Therefore, it will be essential to closely monitor the price reaction at key levels to validate or revise the current forecasts. Finally, let us remember that these analyses are based solely on technical criteria and that cryptocurrency prices can also evolve rapidly depending on other more fundamental factors.