The majority of crypto assets are trading in the green on Tuesday. XRP is up 3.10% on the day at a current price of $1.13 as the cross-border token sets for a November Breakout. In November 2020, XRP saw a 260% price breakout after several months of stagnating under the $0.32 level. This leaves the door open for a rematch in line with expectations. Ripple highlighted the growth of its ODL noting that Since Q3 of 2020, transactions over RippleNet have doubled, and ODL transactions account for 25% of total dollar volume across the network in Q3. If this is a good sign to go by, then XRP may be primed for a breakout in its price. Ripple’s CTO, David Schwartz heralded the upcoming arrival of Wrapped XRP to Ethereum stating ”Great news for those that want to access XRP within Ethereum wallets, DeFi, and smart contracts”. The official support of Wrapped XRP (wXRP) on the Ethereum blockchain is expected to come in December.
Key Levels
Resistance Levels: $1.4357, $1.3590, $1.2500
Support Levels: $1.0000, $0.9460, $0.8368
XRP/USD Daily ChartXRP has gradually recovered within a triangle range since the start of October, but it was unable to close decisively above the $1.25 level. Having stepped on the MA 50 at $1.05 during the recent rebound from Oct.27 low of $0.94, XRP price is currently looking for the opportunity to break the surface of the triangle formation, which could consequently bolster buying forces above the $1.16 mark and towards the $1.24 – $1.43 levels.
The upward tilt in the RSI, which has pierced above its 50 neutral mark, is an encouraging indication that positive momentum could persist. That said, the indicator continues to trade within a range below its August high. Therefore, fresh higher highs might be required to confirm a bullish bias. On the downside, a close below the triangle support at $0.94 could power selling pressures towards the $0.84 and $0.66 levels.
XRP/USD 4-Hour ChartXRP continues its consolidation phase inside a triangular pattern, capped by the $1.17 level. The rebound from the $0.94 level on Oct. 27 brings XRP price towards the surface of the triangle seen around $1.17, where a successful breakout is expected to pick up steam towards the top of $1.23. If buying pressure strengthens further, the $1.30–$1.40 level may attempt to halt the rally ahead of the $1.70 number.
Alternatively, if the price slips below the MA 50 and 200 at $1.08 and $1.09, the $1 round level and the $0.94 mark could immediately come to the rescue. In brief, XRP/USD is maintaining a neutral tone within a triangle in the short-term picture, likely waiting for a close above $1.17 or below $0.94 to get into action.
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