Back

XRP Price Analysis for November 7

Should we view the current growth of XRP as real or as a false breakout?

article image
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Saturday has begun with the continued growth of the cryptocurrency market. However, if yesterday all Top 10 coins were in the green zone, today, Bitcoin (BTC) is the only loser from the list. The rate of the chief crypto has fallen by 0.43%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Meanwhile, total market capitalization has increased by $40 bln and now makes up $448 bln.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The relevant data of XRP for today:

Ads
Ads

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $11,903,589,590

  • Price: $0.262700

  • Volume (24h): $3,086,537,718

  • Change (24h): 4.24%

The data is relevant at press time.

XRP/USD: Is the power enough to get to $0.30?

XRP has shown significant growth recently. The rate of the altcoin has risen by 4.24% since yesterday, while the price change over the last week has accounted for 8.92%.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

On the 4H chart, correction signals have appeared that are confirmed by low liquidity and a decreasing trading volume. Thus, there is a bearish divergence on the RSI indicator, which means that sellers are likely to seize the initiative in the short term. In this case, traders may expect XRP trading around the support zone at $0.25 soon.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

On the bigger time frame, the growth potential of XRP has not finished yet, and bulls may get the rate of the altcoin to the closest support at $0.2771 soon. In addition, the support and resistance lines of the Bollinger Bands indicator are moving up.

👉 MUST READ BTC, ETH and XRP Price Analysis for November 6related article image

However, it is unlikely to break this level for the first time, as buyers' power is not strong enough to support an ongoing rise.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

According to the weekly chart, the long-term growth has just begun. The trading volume keeps going up slightly, which confirms buyers' potential. Furthermore, the blue line of the MACD indicator is about to cross the red zone and confirm the bullish trend. If that happens, XRP has a chance to get to $0.4550 by the end of the year.

XRP is trading at $0.2630 at press time.

 

Join our Telegram channel to get news even faster!

article writer image
Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com