XRP Price Faces Resistance But Potential For Upside
After a sideways weekend, the XRP price struggled against a critical resistance level, leading to a reevaluation of support. The broader crypto market is also experiencing similar movements on shorter timeframes, but an analyst believes that the current price action may pave the way for a larger rally.
Potential for Upside Movement
The XRP price encountered resistance at $0.664, prompting various potential scenarios. On the positive side, the cryptocurrency has its sights set on a significant level at $1, according to an analyst’s perspective. To achieve this, XRP needs to surpass the high of its current range at $0.73 before making an upward move towards $1.
However, the most critical resistance lies at $0.9 for XRP’s potential bullish run. If the bullish momentum wanes and fails to push back after a close below the 0.66 Fibonacci extension, the token could retreat to $0.61 or $0.58.
Analyst’s View on Price Trend
The analyst believes that XRP may experience a sideways price action between $0.6649 and $0.6131 in the near term, with the latter level being crucial for maintaining upward momentum towards targets of $0.87 and $1.05.
Anticipated Timeline for Price Movement
The same analyst previously suggested that if XRP successfully breaches resistance levels, it could reach $0.87 by November 19th and potentially continue towards $1 in the coming month based on the Elliot Wave Theory.
Hot Take: Potential for XRP’s Upside Movement
Despite facing resistance and potential retracement scenarios, analysts believe that XRP could be gearing up for a significant rally if it overcomes critical levels and maintains bullish momentum.
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