XRP blast-off imminent following ‘brilliant monthly close;’ Expert analysis

After XRP crossed the critical psychological level at $0.60 and continued upward, an even stronger bullish movement could be in the cards for the fifth-largest cryptocurrency by market capitalization, judging by the detailed analysis of its previous price behavior.

Indeed, the pseudonymous crypto market analyst Cryptoinsightuk observed that XRP had seen a “brilliant monthly close” above $0.59 and that its moving average convergence divergence (MACD) indicator was about to cross the 0 line, “bringing momentum back to the bulls,” the expert said on November 1.

XRP price action analysis. Source: Cryptoinsightuk

Specifically, this crypto analyst has provided a possible target range between $0.8875 and $1.3617, the levels last witnessed on the digital asset’s charts in 2021, should the indicators continue to demonstrate positive signals for the price of the XRP token.

Is $1.69 possible?

Not only that, but the expert also explained that “the last time we had a monthly close in this price range, we went on to rally 180% in the following month,” and repeating this “would give us a price target of around $1.69 for XRP, smashing through our ‘Target Range.’”

XRP $1.69 price target. Source: Cryptoinsightuk

As it happens, a similar situation did, indeed, occur in April 2021, when XRP gad climbed to the $1.60 price mark, increasing by around 180% or $1.03 in a matter of days from the previous price of $0.57, as the expert’s multi-year chart demonstrates.

XRP price analysis

Meanwhile, XRP was at press time trading at the price of $0.617, which represents an increase of 2.81% in the last 24 hours, in addition to gaining 10.65% across the previous seven days and accumulating 21.21% over the past month, according to the latest data on November 2.

XRP 30-day price chart. Source: Finbold

All things considered, XRP has demonstrated particular strength over the past weeks, and positive events around it, including the United States Securities and Exchange Commission (SEC) withdrawing from the case against the top executives of the blockchain company Ripple, could contribute to it.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.