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.
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.”
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 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.
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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