XRP price makes an epic reversal

by Junna Base November 11, 2024

Cover image via www.freepik.com

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XRP, the seventh-largest cryptocurrency by market capitalization, saw trading volume increase to $1.47 billion, or 2.62 billion XRP, according to data from CoinMarketCap. However, while impressive, this only represents a 7% increase in volume over the last 24 hours.

This week, XRP saw a price reversal after days of lackluster action, breaking through key barriers that had been holding it back recently.

Item image — *XRP/USD daily chart, courtesy of TradingView*

XRP rebounded from its recent consolidation with a four-day increase that saw the price reach $0.57 during Thursday’s trading session. Despite facing resistance at this level and declining slightly, XRP is up 8% this week.

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The recent price movement may have reignited interest in XRP as traders and investors closely monitor its movements. The 7% volume increase in the last 24 hours, albeit modest, suggests that market participants may be starting to intervene, which continues to be positive for XRP.

What’s next for the XRP price?

XRP’s recent rise reflects broader optimism in the crypto market, which saw Bitcoin surpass $77,000 towards the end of the week.

The recent rally saw XRP break through the daily SMA 50 and 200, limiting its price movement over the past few weeks. However, XRP price declined thereafter and confirmed short-term resistance at $0.57. If today closes in the red, it would be the second day of losses.

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Undeterred, traders continue to watch for potential breakout levels. The $0.57 level has become a key battleground for bulls, who may be preparing for another attempt to push the price higher.

Should XRP break through this resistance, the next targets could open higher levels, possibly up to $0.665 and even $0.748, although there could be further consolidation or slight corrections before a sustained recovery.

However, this bullish outlook could be invalidated if XRP falls below its daily moving averages of 50 and 200, suggesting trading in an extended range with support near $0.487.

At the time of writing, XRP is down 0.55% in the last 24 hours to $0.5488.

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