As a seasoned analyst with over a decade of experience in the volatile world of cryptocurrencies, I have seen my fair share of market ups and downs. The recent 27% crash in XRP price since September 29, 2024, has caught my attention, and I believe it’s time to delve deeper into understanding where Ripple might be heading in November.
Since reaching a peak of approximately $0.664 on September 29, 2024, the value of XRP has plummeted by around 27%. The overall crypto market’s downward trend, driven by Tether-related concerns and intensifying Israel-Iran tensions, is expected to push Ripple‘s price even lower. The critical issue now is determining how much further the price of XRP may drop in November.
In this CoinGape article, let’s explore the value of XRP and answer this question.
How Low Can XRP Price Go in November?
As a researcher, I’m projecting a potential decrease of approximately 10% in XRP prices, which could bring it down to around $0.469 by the first week of November. However, if the crypto markets manage to bounce back from last Friday’s Tether rumor, this projected drop might be the lowest we see XRP going for November.
It’s possible that Ripple may experience another crash during the first week of November, particularly on November 5th. This could be due to the conclusion and announcement of the U.S. presidential election results.
If Donald Trump becomes president, it’s unlikely that the price of XRP will drop significantly below its current level of $0.469 in November. Conversely, if Kamala Harris assumes office, there may be another cryptocurrency market downturn that could push Ripple down to around $0.469. However, in some instances, the price of Ripple might drop even lower to $0.40 in November.
Ripple Price Prediction: XRP Likely to Slide Lower
Contrary to the 8.65% drop it experienced, XRP, which is associated with Ripple, has shown resilience, surging by 6% since it hit a daily low of $0.486 on Friday. This does not necessarily imply that XRP has been crashing; rather, it could potentially dip further.
According to the graph, Ripple’s price plummeted by 23% from September 29 to October 3, falling below the significant support level at $0.556. For the subsequent 18 days, there was a strong effort to surpass this barrier, but buyers couldn’t pull it off, causing another 14% drop from October 17’s peak of $0.566. With Ripple currently only 9% above a critical low point of $0.469, there’s a possibility it might fall further.
The Relative Strength Index (RSI) backs this perspective, currently at approximately 39.54 – slightly under the average value of 50. This suggests that the downward trend has the upper hand, potentially allowing sellers to drive XRP towards the oversold region.
The Awesome Oscillator indicates a comparable perspective, as its bars reside beneath the zero line, implying that the market is being dominated by the bears (those who predict a downtrend).
As a researcher studying the XRP market trends, I’ve noticed a potential short-term surge in XRP price, which might push it close to the temporary resistance at 0.532. This level could lead to a correction if not handled carefully. Investors should exercise caution, as this rejection could spark a 10% drop, potentially bringing the price back down to the $0.469 resistance level.
Over the long haul, XRP’s value is expected to rise, but in the near future, there’s a downtrend. This makes it a good opportunity for investors to buy when prices dip. The significant support level is around $0.469. If the price surges beyond $0.556, it would contradict the correction theory. In that scenario, Ripple could push upwards towards the next notable level at $0.635.
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2024-10-26 13:28