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XRP Price Analysis for November 2

Wed, 11/02/2022 - 15:16
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Denys Serhiichuk
Should traders expect fall of XRP soon?
XRP Price Analysis for November 2
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls could not hold the initiative for long as most of the coins are back in the red zone.

Top coins by CoinMarketCap

XRP/USD

The price of XRP has declined by 0.15% over the last 24 hours.

XRP/USD chart by TradingView

On the hourly chart, XRP has bounced off the formed support level at $0.4512 against the increased volume. If the rise continues to the middle of the channel ($0.46), the upward move may continue tomorrow.

XRP/USD chart by TradingView

On the daily chart, XRP starts looking bearish even though the rate is still in the middle of the channel. If the candle closes below the $0.45 mark, the accumulated energy might be enough for a move to the support level at $0.45512 at press time.

XRP/BTC chart by TradingView

XRP is losing power against Bitcoin (BTC) as the rate has almost come back to the support level at BTC 0.000022. If nothing crucial happens until the end of the day, the breakout might lead to a sharp drop to the zone of BTC 0.000020 until mid-November.

XRP is trading at $0.4552 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.