The post XRP Price Predicted To Hit $0.88 By November End-Here’s Why appeared first on Coinpedia Fintech News
After being in a consolidation phase within a macro pennant pattern since 2018, XRP, backed by Ripple Labs, seems poised for a significant price move. This fifth-largest cryptocurrency, primarily used for cross-border payments via Ripple Payments, displays signs of gathering momentum, as historical data suggests. Additionally, Ripple has recently achieved substantial milestones, such as obtaining money transmitter licenses in the United States and various international jurisdictions.
Short-Term XRP Price Targets: Prominent crypto analyst “Dark Defender” predicts that XRP could reach 88 cents by the end of this month or the beginning of December. Should the altcoin’s bullish trend continue, Dark Defender expects XRP to reach $1.05 shortly.
Contrary to this optimism, another analyst named Egrag Crypto warned traders, anticipating a significant dip in XRP’s price on November 27.
Technical Indicators: Analyzing the technical aspects, the daily XRP/USD chart shows a gradual rebound from the support level at approximately 60 cents. This recovery is supported by a golden cross between the 50 and 200 Moving Averages (MA), indicating a positive trend.
Furthermore, the Relative Strength Index (RSI) for the XRP/USD daily timeframe has crossed above 50, which is considered a bullish signal. Recently, XRP’s price has surged by more than 7 percent over the past two days, currently trading around $0.62, signaling potential further gains in the short term following a successful breakout from a micro downward trend.
In summary, XRP shows promising signs of an impending price move, with analysts divided on short-term predictions. While some anticipate significant gains, others warn of a possible dip. Technical indicators support a bullish outlook, with key moving averages and RSI signaling positive momentum.
