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XRP price prediction as it bounces off upper ‘buy and sell’ support

XRP price prediction as it bounces off upper ‘buy and sell’ support

Led by the bullish action of the flagship decentralized finance (DeFi) asset and the sector’s total market capitalization increasing more than 3% over the last day, the majority of assets in the cryptocurrency industry are showing strength again, and XRP is no exception.

Specifically, by recently surpassing $0.70, XRP has pulled away from its previous 4-hour buy signal at $0.5147 on October 20, and its current price action could lead it back down to $0.6251, according to the analysis shared by pseudonymous crypto trading expert CoinsKid on November 9.

$0.73-$0.76 first?

Indeed, the crypto analyst expressed his expectation that the XRP token would go through a “simple micro ABC zig-zag here back down to 0.6251 (HOPIUM?)” and then take out the local high at $0.7336 through invalidation, adding that “XRP keep bouncing off the upper support of the buy & sell like a boss.”

XRP price action analysis and prediction. Source: CoinsKid

Finally, CoinsKid concluded that the “first sign of weakness (BIGGER CORRECTION)” for XRP could emerge when the digital asset moves below this observed buy & sell support level but also later posted a video made a few months back at $0.48, wondering if XRP could be on track for $1.31.

On the other hand, CoinsKid also shared an alternative scenario in case he is wrong about the above situation, suggesting a tap out at a higher price target of $0.7559 “before a bigger correction back down” to the $0.62 zone, as demonstrated on the chart.

XRP price action analysis and prediction. Source: CoinsKid

XRP price analysis

At press time, XRP was trading at the price of $0.70, demonstrating an increase of 0.57% on the day, gaining 15.09% across the previous week, and adding a more significant 40.66% on its monthly chart, as per the most recent data retrieved on November 9.

XRP 30-day price chart. Source: Finbold

Meanwhile, the recent news of a narrow window for the United States Securities and Exchange Commission (SEC) to approve all 12 spot Bitcoin (BTC) exchange-traded fund (ETF) applications has triggered optimism in the crypto industry, the capitalization of which has increased by over 3% in response, and XRP is still feeling the positive effects of Ripple’s court win against the securities regulator.

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