In a previous statement, the analyst posited that the resistance level at $0.66 presents an opportunity for a potential upward movement towards the $0.7 threshold, as previously noted. The analyst posits that there is a possibility for the token to surpass these levels within the upcoming month.
There is a possibility that XRP may reach a value of $0.87 on November 19th, provided that the bullish market participants are able to effectively overcome the resistance level. In accordance with the principles of the Elliot Wave Theory, the analyst arrived at the following conclusion:
The XRP cryptocurrency has breached the 4-hour support level of $0.6649, while it is currently fluctuating in close proximity to this level. The daily has not yet been disrupted. This phenomenon is referred to as C Wave Expanded C, and it is of a purely technical nature. Yesterday, the value of our asset reached $0.6287, and it is worth noting that it found support around the Fibonacci level of $0.6131. This repair is considered to be a standard and regular procedure within the technical field. Based on my analysis, I have confidence in the potential for XRP to undergo a consolidation phase within the price range of $0.66 to $0.61. Furthermore, it is anticipated that XRP will thereafter reach the completion of its fifth wave at a price level of $0.8737 in the near future.
At the time of composing this text, the XRP price is now valued at $0.64, reflecting a 3% decline in value for the present trading session. During the preceding week, the token had a decline of 7%, positioning itself as the leading performer among the top 10 cryptocurrencies based on market capitalization. In contrast, Cardano (ADA) achieved a 4% gain during the same timeframe.
XRP encounters a level of resistance, although has indications of preparing for a substantial upward movement.
Based on the analysis conducted by an anonymous expert, it has been seen that the XRP price encountered resistance at a value of $0.664. This occurrence has the ability to initiate several scenarios. According to the analyst, there is a positive aspect to the cryptocurrency as it is aiming to reach a significant threshold of $1.
According to the provided chart, it is necessary for XRP to surpass the upper boundary of its existing range, which is valued at $0.73, in order to initiate an upward movement. When the cryptocurrency reaches a value of approximately $1, it is expected to surpass the 0.8 Fibonacci Extension, which is a set of levels utilized for assessing resistance and support.
From a technical standpoint, it can be argued that the value of $0.9 holds considerable importance as a resistance level for XRP, potentially influencing its upward market trend. The trader posits that the bullish momentum has diminished subsequent to a closure below the 0.66 Fibonacci extension. Consequently, there is a possibility that the token may regress to values of $0.61 or $0.58 in the event that the bulls are unable to regain control.
The expert expressed their perspective on the future price trend of XRP, indicating a preference for a scenario characterized by sideways price movement.
