This is the final support XRP will need to hold before confirming the downtrend
At the end of October, XRP is expected to rise in price in the market. The mood became very positive throughout the industry. The legal battle between the SEC and Ripple also went well a few weeks earlier. But unfortunately November is not as good as expected.
At the time of writing, XRP was down ~ 15% month on month, hitting a monthly low of $ 0.91.
At first glance, the price structure appears gloomy. Still, there is resilience and one more investment opportunity for Ripple’s tokens.
Zone of Demand Correlation and Fibonacci
Source: trade view
Although XRP is currently consolidating below the $ 1 mark, it should be understood that it is also testing the demand zone that consists of the previous downtrend. After the value of XRP peaked at $ 1.45 in mid-September, it fell into this area and then continued to climb the charts.
XRP’s uptrend invalidated after a symmetrical triangle breakout, but a lack of momentum and a general market reversal forced it back below this zone. Currently, XRP is still in a critical recovery phase with multiple simultaneous areas of support.
While the demand zone was defined with the previous area-bound trading volume, the Fibonacci levels with a range between 0.5 and 0.618 now form a demand zone.
Technically, the range between 0.5 and 0.618 is considered the key level before the bull market reverses on the downside. Hence, it is imperative for XRP to recover from this point. Otherwise an irreversible downtrend is confirmed.
Indicators investment conflict
MVRV rate | Source: Sanbase
The MVRV ratio represents the negative sentiment of XRP holders. With the value of the indicator dropping below zero, it seems that investors are now taking more profits than they are holding. This also implies that selling pressure could soon ease.
Circulation NVT | Source: Sanbase
On the other hand, the circulating NVT chart signals an investment opportunity. The low network value per transaction means that the transactions do not fully reflect the intrinsic value of XRP.
Not all signs are for XRP right now, and confirmation of the downtrend may be nearer. Therefore it is important that this altcoin stays above the demand zone and consolidates above it for the next trading sessions.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
Market
This is the final support XRP will need to hold before confirming the downtrend
At the end of October, XRP is expected to rise in price in the market. The mood became very positive throughout the industry. The legal battle between the SEC and Ripple also went well a few weeks earlier. But unfortunately November is not as good as expected.
At the time of writing, XRP was down ~ 15% month on month, hitting a monthly low of $ 0.91.
At first glance, the price structure appears gloomy. Still, there is resilience and one more investment opportunity for Ripple’s tokens.
Zone of Demand Correlation and Fibonacci
Source: trade view
Although XRP is currently consolidating below the $ 1 mark, it should be understood that it is also testing the demand zone that consists of the previous downtrend. After the value of XRP peaked at $ 1.45 in mid-September, it fell into this area and then continued to climb the charts.
XRP’s uptrend invalidated after a symmetrical triangle breakout, but a lack of momentum and a general market reversal forced it back below this zone. Currently, XRP is still in a critical recovery phase with multiple simultaneous areas of support.
While the demand zone was defined with the previous area-bound trading volume, the Fibonacci levels with a range between 0.5 and 0.618 now form a demand zone.
Technically, the range between 0.5 and 0.618 is considered the key level before the bull market reverses on the downside. Hence, it is imperative for XRP to recover from this point. Otherwise an irreversible downtrend is confirmed.
Indicators investment conflict
MVRV rate | Source: Sanbase
The MVRV ratio represents the negative sentiment of XRP holders. With the value of the indicator dropping below zero, it seems that investors are now taking more profits than they are holding. This also implies that selling pressure could soon ease.
Circulation NVT | Source: Sanbase
On the other hand, the circulating NVT chart signals an investment opportunity. The low network value per transaction means that the transactions do not fully reflect the intrinsic value of XRP.
Not all signs are for XRP right now, and confirmation of the downtrend may be nearer. Therefore it is important that this altcoin stays above the demand zone and consolidates above it for the next trading sessions.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Other Posts
Related Posts
Latest
Pepeto’s $600K Presale Highlights Vision for Supporting Memecoins Ahead of 2025
Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?
Press Release
Pepeto’s $600K Presale Highlights Vision for Supporting Memecoins Ahead of 2025
Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?
