- XRP has barely managed to break above its 16-month range formation.
- $0.62-$0.65 is expected to act as a support zone.
Ripple (XRP) rose 49.2% from $0.496 on Monday, November 4 to a high of $0.74 on Tuesday, November 12. The symmetrical triangle and imminent breakout predicted in the previous AMBCrypto report have come true.
At press time, the previous local highs of $0.62-$0.644 were being tested as support territory by the altcoin. I have defended it so far, but the rejection of $0.7 is painful. Can the bull climb higher?
XRP Price Prediction: Indicators Remain Bullish
Source: XRP/USDT on TradingView
The one-day market structure strengthened after the October 17 low of $0.566 was broken on November 10. As previously mentioned, the local high of around $0.65 set from July to September is expected to act as a demand zone.
RSI hit 70 despite rejection at $0.74, showing strong bullish momentum prevailing on the daily chart. CMF is +0.25, indicating a range breakout due to high capital inflows into the market and high demand.
Volume was also encouraging as it broke above $0.65. Therefore, a retest of $0.62 is likely to be a buying opportunity.
Short-term sentiment begins to cool
Source: Coin Analysis
Funding ratio hit a regional high of around +0.04 and open interest soared to $933 million, indicating strong bullishness from speculators. Spot CVT, which had been sluggish this month, showed signs of recovery and continued its upward trend.
As with OI, funding rates also began to decline. Together, they showed that bullish sentiment is slowing down and that XRP may consolidate before the next impulse move.
Source: XRP/USDT on TradingView
From 2019 to November 2020, XRP consolidated around $0.3. The test pumped at $0.78 in late November, forming a wide range between $0.23 and $0.62.
This followed a 217% rally beyond Bitcoin’s (BTC) all-time high in April 2021 as it began a consolidation around $60,000.
Read Ripple (XRP) Price Prediction for 2024-25
Similar scenarios can occur during this cycle. The aggressive range-forming expansion occurred in July 2023, and the XRP rally has yet to move beyond that.
If the $0.7-$0.8 region pulls back as support, XRP holders are likely to experience large gains. This could take several months and require Bitcoin to consolidate close to its altcoin season highs.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.