XRP / TetherUSLong
XRP Could Rise to as High as $0.7595 as Ripple Swell Approaches
XRP’s strong positive trend may just be starting as the daily Moving Average Convergence (MACD) indicator suggests a continuation of XRP’s bullish trend in the next few days. The cryptocurrency’s price rise over the past 2 weeks has elevated it to the $0.06800 barrier, which XRP is currently looking to flip into support.
If XRP is able to close today’s daily candle above $0.6800, then it may have the foundation needed to rise to the subsequent resistance level at $0.7595. Conversely, a rejection from the current resistance level could lead to XRP correcting back down to as low as $0.6235 in the short term.
A potential reason for XRP’s increase in price is the upcoming Ripple Swell event, as many in the crypto space believe that Ripple will announce its plans to go public, along with other bullish announcements rumored to be revealed at the event. As a result, XRP’s price may be trapped in a “buy the rumor, sell the news” rally, and may pullback on Nov. 8 and 9 when the event is scheduled to take place. Nevertheless, a daily candle close above $0.6800 today could be a strong positive signal.
If XRP is able to close today’s daily candle above $0.6800, then it may have the foundation needed to rise to the subsequent resistance level at $0.7595. Conversely, a rejection from the current resistance level could lead to XRP correcting back down to as low as $0.6235 in the short term.
A potential reason for XRP’s increase in price is the upcoming Ripple Swell event, as many in the crypto space believe that Ripple will announce its plans to go public, along with other bullish announcements rumored to be revealed at the event. As a result, XRP’s price may be trapped in a “buy the rumor, sell the news” rally, and may pullback on Nov. 8 and 9 when the event is scheduled to take place. Nevertheless, a daily candle close above $0.6800 today could be a strong positive signal.
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