We take a look at Bitcoin and XRP price going into the week of November 1st, 2021. Aside from fundamentals, we rely heavily on technical analysis to assess overall sentiment. This is achieved by identifying key support and resistance levels that traders and investors will be watching in the short term. Why might XRP price be gearing up for a big move in the short term?
At the time of this report, XRP is currently trading at $1.08. The 7th largest digital asset by market cap is down ~ 1.4% over the last week. Despite this small pullback, XRP has rallied ~ 16.2% over the last month. XRP’s performance the last 30 days trails Bitcoin, which has seen ~ 48.7% growth.
Investors around the globe continue to await clarity from the SEC vs Ripple lawsuit. In Ripple’s recent Q3 Market Report, the firm said they are attempting to expedite the case as quickly as possible. XRP is coming up on a year of being delisted from top U.S crypto exchanges like Coinbase. Ripple continues to push XRP’s utility in other countries that offer more regulatory frameworks. Despite exchanges refraining from re-listing XRP, the cryptocurrency has surged ~ 353% over the last year. With XRP being one of the few digital assets to not touch all-time highs this year, investors believe big opportunities exist if Ripple can prevail against the SEC.
Despite all the noise around Ripple Vs SEC, it seems like XRP is thriving outside of the United States. According to a Twitter post by Craig DeWitt ( Product at Ripple ), XRP powered ODL stats are going parabolic.
A few #XRP powered ODL stats:
25x growth outside US
Incentives down 90%
We’re just getting started. https://t.co/9bSb53ceZ7
— Craig DeWitt (@CryptoCwby) October 29, 2021
Back on 8/14/21, Craig also stated that XRP’s utility will be much bigger than payments via the XRP Ledger.
We would agree that uncertainty still exists in the United States following the lawsuit, but if we look internationally, Ripple and XRP continue to dominate.
XRP has continued to consolidate over the last week. At this point, we believe XRP is ready to make a relatively strong move.
At the time of this report, we are watching $1.05 support. As long as XRP can hold this level, we see bullish momentum building up. In this environment, XRP could be targeting $1.24 resistance in the short term.
If XRP can slash $1.24 resistance, the digital asset could power its way to $1.40 levels based on historical price action.
On the contrary, if XRP rejects $1.05 support, it could be a short-term indicator that we could see one more dip until the next bull stage. This retracement could send XRP to $0.85 levels in the short term.
When we look at ROC ( rate of change ), there seems to be more bullish sentiment at the moment. As previously discussed, ROC helps us monitor momentum. A ROC above 0.00 denotes bullish momentum. As of recent, we are seeing XRP creeping above 0.00 levels. This has historically foreshadowed XRP price action quite well.
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