While most cryptocurrencies are seeing growth from the post-election rally, XRP remains hesitant to make a decisive move, staying below the $0.60 mark.
XRPâs Slow Progress Compared to Dogecoin
To better understand XRPâs slow momentum â Dogecoin (DOGE) has now overtaken XRP in market capitalization and is nearing the $0.3 mark, according to CoinMarketCap data from November 11.
XRPâs Path to $1
For years, XRP has been trading below $0.60, with the key milestone of $1 still in focus. To assess the chances of XRP reaching this goal, Finbold consulted ChatGPT-4.
According to the AI, XRP has a shot if it can break through the $0.60 resistance and maintain its position above this level. If it can reach $0.80, XRP would be well-positioned for further growth toward $1. Regulatory factors, especially the ongoing legal case between Ripple and the SEC, are also significant. Recent developments suggest a lower likelihood of XRP being classified as a security, which could support its upward movement.
Technical Analysis of XRP
Crypto expert Crypto Crusaders shared on X (formerly Twitter) on November 11 that XRP might break the $1 barrier. According to his analysis, XRP is nearing a critical point within a multi-year descending triangle formation.
The monthly Relative Strength Index (RSI) is approaching a key resistance level at 50.20. Breaking this line could indicate renewed bullish momentum and potentially end the long correction phase, pushing XRPâs target as high as $2.
Current XRP Price Analysis
At the moment, XRP is trading at $0.5789, reflecting a nearly 5% drop over the last 24 hours. However, on a weekly basis, the token is up by over 13%.
Technical indicators show that XRP is trading above its 50-day and 200-day moving averages, signaling a bullish trend. On the other hand, the 14-day RSI indicates overbought conditions, which could lead to a short-term pullback.
Recent price action has been linked to increased liquidations of leveraged positions around the $0.6218 level. CoinGlass reports that early on November 11, liquidations reached $994,360, indicating heightened volatility and potentially overleveraged positions among traders.
Conclusion: XRPâs Prospects and Legal Hurdles
One factor slowing down XRPâs rally is the Ripple lawsuit. With Trumpâs campaign signaling favorable regulations for cryptocurrencies, the response to XRP could be crucial. The biggest challenge, however, remains breaking the $0.60 resistance and securing it as a new support level.
#XrpđĽđĽ ,
#XRPPredictions ,
#Altcoinsđđ ,
#Priceanalysis ,
#CryptoNewss Stay one step ahead â follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.â