XRP Price Prediction For November 28
The post XRP Price Prediction For November 28 appeared first on Coinpedia Fintech News
Ripple’s XRP is up by more than six percent in the last 24 hours and is trading slightly below the $1.50 level. The altcoin is up by more than 36 percent in the last seven days and is now eyeing the $2 levels. Here’s a price analysis by analyst Josh of Crypto World:
On XRP’s weekly timeframe, the analyst said that the market is clearly in a bullish trend. The cryptocurrency has recently broken above key levels of resistance, hinting a shift towards upward momentum. A key support level has been established after a recent retest of a previous Fibonacci resistance level, which is now acting as new support. This level sits at approximately $1.30, with support generally found in the range between $1.25 to $1.30.
If XRP experiences a rejection around $1.50, short-term support can be found at around $1.42 to $1.43. Further support lies between $1.36 to $1.37, with a major support zone between $1.28 and $1.30, marked by the golden pocket area.
Resistance Levels To Monitor
As for resistance levels on the larger time frame, XRP is facing strong resistance between $1.60 and $1.70, based on previous highs. One immediate resistance is at the Fibonacci level between $1.50 and $1.51. If XRP manages to break through this level, the next resistance zone is expected between $1.60 and $1.70. A successful breakout above this zone could push XRP towards the next major price target, which lies around $2.
Analyst Issues Warning:
However, the analyst said that it’s important to understand that this breakout comes with a slight increase in risk. The reason for this is that the support line forming below the breakout has only two touchpoints, which is not enough to make it a highly reliable support level. This introduces a bit more uncertainty for traders. Nevertheless, with the breakout confirmed, the technical price target for this move is around $1.77, representing a potential 20% upside from the current price level.
