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Ripple‘s ecosystem altcoin XRP continues to hover around $0.59 as the price remains steady amidst the recent uptrend in the cryptocurrency market. Despite facing resistance levels ahead, crypto analysts are optimistic about a positive outcome for the altcoin in November.
Resistance Ahead for XRP: $0.68
Crypto analyst CrediBULL Crypto warned that XRP is currently facing a significant resistance level, and failing to break this resistance could result in a major drop for the altcoin. With the recent positive momentum in the overall cryptocurrency market, XRP has witnessed an impressive 6% increase in the past week. The analyst believes that XRP is facing a crucial resistance just below $0.70 and stated:
If XRP can surpass the $0.68 resistance, it will be a sign of a significant rally, and breaking the resistance could lead to higher levels around $0.90.
If the analyst’s prediction comes true and XRP rises towards $0.90, it would represent a substantial increase of over 54% based on current prices.
Another crypto analyst, Pentoshi, previously predicted that a breakout above $0.54 could trigger a jump to the range of $0.62 to $0.63 for the altcoin. Indeed, XRP reached $0.61 in the early hours of the day before a slight correction, thus validating the analyst’s prediction.
What’s Next for XRP?
CrediBULL also added that surpassing the resistance level for XRP does not necessarily imply a major downturn in price. The analyst stated that XRP could consolidate and move horizontally after this breakout.
Market observers and experts have been anticipating a rally for XRP, with prices reaching $2 or even higher, driven by the increasing liquidity in the market and the upcoming Bitcoin block reward halving expected in the second quarter of 2024. Currently, XRP is trading at $0.5879 with a 2.74% increase in the past 24 hours. The data shows that the popular altcoin has risen by 5.8% in the last 7 days and 13.76% in the last 30 days.
