Ripple (XRP) is definitely an altcoin that we want to keep an eye on and we’ll be sharing chart indicators that are helping us predict its price in November 2019.
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Ripple is currently trading at $0.292, above the $0.298 and $0.295 support levels against the USD. The price is likely to break the $0.306 resistance levels within the first two weeks of November.
There is a major rising channel forming with support near $0.299 on the hourly chart of the XRP/USD pair and the price is showing positive signs of breaking resistance. Bitcoin is trading sideways and this is a favorable time for XRP to accelerate higher than $0.310.
In the past three weeks we have seen a steady rise in Ripple prices above the $0.285 resistance level against the USD. Moreover, XRP/USD climbed above the $0.300 resistance level and settled well above the 100-hour SMA. There was a new high above the $0.306 level and the recent swing took the price to the $0.3065 level. Currently the price is correcting below the Fib Retracement level of the upward move from $0.293 to the $0.30 level. There is an immediate support on $0.289 and it coincides with the 50% Fib Retracement level.
There is a major rising channel forming support near the $0.30 level based on the chart. More importantly, the 100-hour SMA is near the $0.298 area to provide support. In November we expect a downside break below the $0.298 support and the next major support is near the $0.295 level. If the price falls below this, it may revisit the $0.288 support zone and the $0.285 pivot area. There is more support for the upward movement of the price and initial resistance will be encountered near the $0.306 level. If there is a clear break above the $0.306 level, the price is likely to climb towards the $0.310 and $0.312 levels.
The monthly chart shows several positive signs for the price above the $0.300 and $0.298 levels. As long as there is no close below the $0.298 support area, there could be an upside continuation. However, if there is a sell-off, the price may perhaps start an extended downside correction towards the $0.288 and $0.285 support level. The RSI for XRP/USD is correcting lower and it could test the 55 level in November.
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