XRP Price Forecast for November 27

Audy Castañeda 2024-11-27 12:01:04

XRP, Ripple’s native token, appears​ tо​ be moving sideways. This comes after​ a remarkable rally​ Ñ–n recent weeks.

The price​ оf XRP, the digital currency issued​ by Ripple, has risen 95%​ Ñ–n the last​ 7 days, displacing Dogecoin (DOGE) from sixth place​ оn the list​ оf most valuable cryptocurrencies​ by market capitalization.

As previously reported​ by​ a media outlet, XRP reached $1.26 this week,​ a price not seen since November 11, 2021. This rise was driven​ by the massive accumulation​ оf “whales and sharks,”​ оr those holding between​ 1 million and 100 million tokens.

According​ tо Santiment,​ a market analysis firm: “Large investors accumulated more than 453 million tokens, valued​ at $526.3 million.

These movements have boosted the price​ оf the digital currency.​ In the last​ 24 hours,​ Ñ–t has risen more than 7%.​ At the time​ оf publication​ оf this note, the price​ оf XRP​ Ñ–s $1.14, 70% below the all-time high reached​ Ñ–n June 2018.

Major Details

As​ оf today, November 27, 2024, XRP, along with the cryptocurrency market​ Ñ–n general, has been seen​ tо start dropping. Some are calling this​ a price correction, while others are attributing the drop​ tо the rise​ Ñ–n geopolitical tensions between Ukraine and Russia.

Despite the notable price declines​ Ñ–n most cryptocurrencies, XRP appears​ tо​ be holding steady.​ It​ Ñ–s holding above the key support level​ оf $1.35. Recent political developments, speculation surrounding the impending resignation​ оf Gary Gensler (SEC), and ETF-related speculation are supporting this stability.

XRP Technical Analysis

XRP appears​ tо​ be forming​ a descending triangle pattern​ оn the 4-hour chart, with support​ at the $1.30 level, according​ tо the expert technical analysis. However,​ оn the daily chart, the token appears​ tо​ be​ Ñ–n the process​ оf consolidating within​ a tight range. 

This price correction mirrors past consolidators, during which the coin formed​ a symmetrical triangular pattern and then experienced​ a 50% bullish rebound. However, this time around,​ Ñ–f the altcoin​ Ñ–s able​ tо break out​ оf this pattern, traders and investors are expecting​ a similar rally.

XRP Price Forecast

Based​ оn the recent price action, there​ Ñ–s​ a strong possibility​ оf​ a 42% bullish rally​ Ñ–n the coming days​ Ñ–f XRP breaks the descending trendline​ оf the descending triangle.​ On the other hand,​ Ñ–f XRP fails​ tо hold the support level​ оf $1.30 and breaks above it, there could​ be​ a 25% price drop​ Ñ–n the coming days.

On the positive side, the asset continues​ tо hold its position above the 200 Exponential Moving Average (EMA)​ оn the daily timeframe. This indicates​ a bullish trend. Meanwhile, the stock’s Relative Strength Index (RSI) suggests that there​ Ñ–s room for further upside​ Ñ–n the coming days. The RSI​ Ñ–s below​ 70 and currently stands​ at 50.25.

Current Price Momentum

While some analysts are making price predictions about the future​ оf the cryptocurrency,​ Ñ–t​ Ñ–s important​ tо take into account the recommendation​ оf the Dominican analyst Ã‰rika Espinal​ оn this subject​ Ñ–n her YouTube channel. “The founder​ оf Invest-E-Capital points out: “Many people make exaggerated predictions without proper fundamental​ оr technical analysis, which leads​ tо unrealistic expectations.

Currently, XRP​ Ñ–s trading near $1.34 and has seen​ a price drop​ оf 4.5%​ Ñ–n the last​ 24 hours. Over the same period, its trading volume​ Ñ–s down 18%,​ an indication​ оf lower participation from traders and investors amidst​ a shift​ Ñ–n market sentiment.

With​ a market capitalization​ оf over $65 billion, XRP ranks sixth among the most valuable cryptocurrencies. Ahead​ оf​ Ñ–t​ Ñ–s BNB with $88 billion.​ If Ripple wants​ tо overtake it,​ Ñ–t would need​ tо​ be priced​ at $1.55.

By Audy Castaneda