As a seasoned analyst with over two decades of market experience under my belt, I find myself intrigued by the current state of XRP. The price action over the last few days has certainly piqued my interest, and I can’t help but see shades of a classic technical pattern emerging.
Over a span of two days, the value of XRP increased, with investors keeping a keen eye on the upcoming US election. This event holds potential far-reaching effects for Ripple.
On November 5th, Ripple (XRP) reached a peak of $0.52 during the day, marking a 5% increase from its lowest point this month. Yet, it’s still experiencing a brief bear market phase, having dropped by approximately 23% from its previous high in October.
As a researcher delving into the realm of cryptocurrencies, I find myself intrigued by the perspectives of my peers regarding XRP’s growth potential. Notably, Brett, a prominent crypto analyst with a substantial following of 58,000, has expressed his viewpoint that this coin might be poised on the verge of another bull run.
In a previous discussion, the analyst Dark Defender – who has more than 110,000 followers – stated his belief that XRP may make a comeback. It is worth mentioning that the coin’s indicators suggest the current trading price is in an oversold range. He predicts that the coin could climb to $0.5286, then potentially reach $0.60 and even $0.66.
Hello there! We’ve wrapped up October’s monthly candle. The price of XRP rebounded from our previously established support level.
— Dark Defender (@DefendDark) November 4, 2024
A well-known cryptocurrency expert has pointed out that the XRP/ETH pricing seems to have created an upside-down head-and-shoulders configuration on the four-hour graph and is currently showing signs of being overbought.
These predictions about XRP emerged not long after Ripple Labs shared their third-quarter findings, emphasizing the SEC lawsuit as a significant hurdle. The report additionally underscored institutional interest in XRP, with entities like Bitwise, Canary, and 21Shares submitting applications for Ripple ETFs.
The upcoming U.S. presidential election on Tuesday might influence the price of XRP if Donald Trump wins. It’s worth noting that a possible replacement of the current Securities and Exchange Commissioner could lead to an end of the ongoing legal dispute, which would serve as a positive trigger for XRP.
XRP price analysis
As an analyst, I’ve observed that yesterday, XRP displayed a minor double-bottom formation at the price point of $0.4916. This pattern, which typically heralds a bullish surge, suggests a potential upward trend could be imminent.
Nevertheless, it’s important to note that there’s still a potential concern, as XRP is exhibiting a death cross pattern. This means that its 200-day and 50-day Exponential Moving Averages have crossed paths.
Furthermore, Ripple has developed a double-top formation around $0.6437, suggesting a potential downward trend in the short term. If this bearish scenario materializes, the price of XRP might fall below the double-bottom support at $0.4916 to confirm the pattern. On the other hand, if Ripple surges past $0.5300, it could imply further growth and negate the double-top pattern.
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2024-11-05 17:14