$XRP - WHAT’S NEXT ? DUMP OR PUMP ?

XRP Analysis - November 19, 2024

Recent Price Movement

• XRP is currently trading around $1.10, experiencing a slight decline of approximately 5% in the past 24 hours  .

• The coin saw a pullback after a recent rally that pushed it to a multi-year high, possibly influenced by speculation surrounding regulatory developments, including rumors about SEC Chair Gary Gensler’s potential resignation  .

Key Levels to Watch

Bullish Scenario:

• Immediate Resistance: $1.15 (recent high).

• Key Targets:

• $1.25: Psychological and technical resistance level.

• $1.40: Reflecting Fibonacci extensions from the recent uptrend.

Bearish Scenario:

• Immediate Support: $1.05.

• Key Downside Levels:

• $0.98: A significant support zone.

• $0.85: Major level from previous consolidations.

Technical Observations

Volume: Decreasing trading volume suggests a consolidation phase, potentially setting up for a larger move.

RSI: Shows the asset nearing neutral levels, leaving room for either upward or downward momentum.

MACD: A potential bearish crossover may indicate a temporary correction before further gains.

Market Sentiment

XRP remains a focal point due to its involvement in the broader cryptocurrency adoption narrative and its legal clarity after Ripple’s partial court victory earlier this year. Developments like potential XRP-based ETFs are driving long-term optimism.