XRP/USD are trading at 1.2459 and continue to move within the growth and bullish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $58,766,259,316. Moving averages indicate a short-term bullish trend for Ripple. Prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the XRP rate growth in the market already from current levels. At the moment, we should expect an attempt to develop an asset correction and a test of the support level near the 1.1405 area. Further, an upward rebound and continued growth of the cryptocurrency to the area above the level of 1.4505.
XRP Forecast and Analysis November 10, 2021
In favor of raising the XRP/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal in favor of the growth of asset quotes will be a rebound from the lower border of the bullish channel. Cancellation of the option of raising the cryptocurrency will be the fall and closing of quotations below the level of 0.9545. This will indicate a breakdown of the support area and a continued fall in XRP/USD to the area below the level of 0.8005. Confirmation of the rise in the digital currency rate will be the breakdown of the resistance area and the closing of prices above the level of 1.3625, which will indicate a breakdown of the upper border of the bullish channel.
XRP Forecast and Analysis November 10, 2021 suggests an attempt to test the support level near the 1.1405 area. Where can we expect the cryptocurrency to continue growing with a potential target at the level of 1.4505. An additional signal in favor of a rise in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise quotes will be a fall and a breakdown of the 0.9545 area. In this case, we should expect the continuation of the fall in the rise in the digital currency with a target below 0.8005.
Ripple Price Analysis: A Bullish Reversal From The $0.88 Support Hints At A 35% Gain In The Upcoming Trading Session
The XRP coin is currently in a short-term sideways trend. The coin price has recently rejected from the overhead resistance of this range and has plunged back to the bottom support of 0.88. However, The technical chart and indicators suggest a positive turn for them coin
Key technical points:
- The XRP coin price action forms a consolidation range in the daily chart.
- The 200-day EMA line is providing constant dynamic strong support to the coin price.
- The intraday trading volume of the XRP coin is $1.5 Billion, indicating a 70.25% gain.
Source- XRP/USD chart by Tradingview
The XRP coin price consolidates within a range as it resonates within the $1.40 and $.088 mark, as shown in the price chart. However, despite multiple breaches, the support zone near the $1 mark acts as a crucial support zone, and the breakout above it can be an excellent entry opportunity for traders.
The 200-day EMA coincides with the $1 support zone providing multiple factors to bring a bullish reversal. However, the price is below the 50-day EMA, which is falling to give a bearish crossover with the 200 days EMA.
The Relative Strength Index(44) continues to move in a downtrend after facing rejection within the overbought zone. Nonetheless, the recovery in the slope from the oversold territory brings bullish indications.
XRP/USD Chart In The 4-hour Time Frame
Source- XRP/USD chart by Tradingview
The falling XRP prices show huge potential for a bull run as it breaks above the resistance trendline of the falling channel in the 4-hour chart. Hence, once the prices are stable above the $1 mark, we can observe the price jump to the $1.40 mark.
However, traders need to be careful with the pivot points showcasing resistance levels at the $1.06 and $1.16 mark. Moreover, on the flip side, the support levels are at the $0.97 and $0.87 mark.
Ripple’s Latest Crypto Service for Financial Companies to Allow XRP Trading
Amid the ongoing XRP lawsuit, Ripple took a bold step by launching a crypto product, called the Liquidity Hub, which will allow financial service firms to offer the buying and selling option for cryptocurrencies. According to CNBC, Ripple noted that cryptocurrencies like, the OG Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash, and the most controversial XRP will be presented as offerings to enterprises.
Set to launch by 2022, the Liquidity Hub aims to facilitate access to crypto via manifold sources such as, market makers, exchanges, and over-the-counter trading desks, with Coinme, a U.S. based Bitcoin Exchange and ATM operator, as its first client. Furthermore, the Liquidity Hub plans on adding Non-Fungible Tokens (NFTs) to the list of its asset offerings.
“We have a long history of working with financial institutions, crypto exchanges, brokerages and market makers, which our enterprise customers can now directly benefit from…We’re planning to support a variety of assets and have plans to expand to more tokenized assets like NFTs in the future.”, Asheesh Birla, the general manager of RippleNet, a financial messaging service used for cross-border payments, told CNBC.
Ripple Remains Confident of its Crypto Product, Despite the Lawsuit
Birla defined Liquidity Hub as an “aggregator for various liquidity venues and individual assets, the way that Google Flights is for airlines and flights.” Additionally, another feature provided by the Liquidity Hub will be the facilitation of lines of credit through XRP to prevent its client enterprises from having to pre-fund accounts to use Ripple’s latest crypto service. Nevertheless, it is impossible to turn a blind eye to the historic XRP lawsuit, where Ripple appears to be on the ‘readily agreeing to a settlement’ end. However, Ripple claims that despite the lawsuit, the company’s global traction has not experienced any drop whatsoever.
“Companies doing this today have to park working capital at an exchange while waiting for funds from weekend activity to be deposited in a bank account…We started offering this as part of ODL and it’s one of our most sought after features…Despite headwinds in the U.S. with the SEC, our traction with customers globally hasn’t slowed down”, said Birla.
XRP Whales Are Moving $24 Million Worth of Tokens from Exchanges Amid 6% Rally
XRP whales are continuously moving their funds away from exchanges amid accelerated cryptocurrency market rally
Following the recovery on the cryptocurrency market, XRP whales are joining the global outflows trend and moving their funds away from centralized exchanges like Bithumb and FTX.
Transactions on chain
According to the Whale Alert transaction tracker, two transactions have appeared on the XRP blockchain: the latest transaction was made from the FTX exchange to an unknown wallet and was worth $14 million XRP coins. The first transaction appeared one hour before the FTX withdrawal and was worth $10 million.
According to data from the tracker, the Bithumb wallet transaction is being made to another wallet labeled with the exchange’s name. It’s most likely tied to the fact that in order to withdraw funds, Bithumb uses multiple hot wallets rather than one large address.
The FTX transaction, on the other hand, is being made to the wallet of a completely different HitBTC exchange. The wallet of the exchange holds 26 million XRP and is most likely being used as another hot wallet for placing orders.
XRP short-term rally
Both transactions have been made during the short-term rally present on the XRP trading pairs. Currently, Ripple is trading in a short uptrend and remains at 6% growth since the last week.
Ripple was one of the victims of the global cryptocurrency market correction that led to the retrace of all the major cryptocurrencies, including Bitcoin and the larger altcoins. After a recovery on most of the traditional markets, the cryptocurrency market followed with an average 10% recovery.