Key Takeaways:
XRP price started a fresh surge from the $0.500 support zone.
It broke a major contracting triangle with resistance at $0.6250 on the weekly chart.
The price is up over 50% in a week and the bulls might now aim for $1.00.
XRP price prediction November 2024
XRP rallied above $0.60 and $0.70. The price signals a major breakout and the momentum could take it toward the $1.00 level.
XRP Price Gains Strength
After forming a base above the $0.50 level, XRP price started a fresh increase. Bitcoin and Ethereum lead the market higher and now XRP is joining forces. The bulls were able to pump it above the $0.60 and $0.620 resistance levels.
There was a clear move above a major contracting triangle with resistance at $0.6250 on the weekly chart. The current weekly candle is super bullish and suggests high chances of more gains.
XRP price weekly chart | Source: TradingView.com
The price is now trading well above the $0.70 level and the 50-week simple moving average (blue). The bulls are now attempting a close above the 1.236 Fib extension level of the downward move from the $0.7424 swing high to the $0.3831 low.
A close above the $0.8250 level could set the stage for more upsides. The first major hurdle is at $0.900. The next resistance is near the $0.9650 level or the 1.618 Fib extension level of the downward move from the $0.7424 swing high to the $0.3831 low.
The main stop for the bulls could be $1.00. If the bears fail to protect the $1.00 barrier, there could be a drift toward the $1.12 level or even $1.20 in the coming days.
Recently, Ripple shared an update on Ripple USD. It seems to be operationally ready which is designed specifically for enterprise use cases like payments.
With #RLUSD operationally ready, Ripple President @MonicaLongSF recently joined @TheBlock__'s @fintechfrank to share the story behind Ripple USD and what it means for the future of digital payments: transparency, speed, and stability once launched. https://t.co/i0xgaersdo
— Ripple (@Ripple) November 14, 2024
Are Dips Supported?
Conversely, XRP price might fail to clear $0.8250 and start a downside correction. Immediate support on the downside is near the $0.7550 level. The next key support sits at $0.720, below which the price could drop and test the same triangle’s trend line at $0.650.
If the bulls fail to protect the $0.650 support, the price might test the 50-week simple moving average at $0.5620. A downside break below the $0.5620 support might spark a crash. In the stated case, the price may decline toward the $0.500 level.
Overall, XRP price is gaining bullish momentum above $0.70 and the 50-week DSMA. It seems like the bulls could soon aim for a move toward $1.00.
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