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XRP price prediction: A drop below $0.5 seems likely and here’s why

2min Read

The one-month look back liquidation heatmap highlighted the $0.54 and $0.57 as sizeable magnetic zones close to XRP.

XRP

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  • The plunge below $0.5 on the 25th of October underlined bearish intent.
  • The liquidity pocket at $0.54 could result in a minor price bounce.

The strong on-chain activity behind Ripple [XRP] highlighted increased interest from investors, but the price action showed a bearish outlook on the daily timeframe. In the past week, Bitcoin [BTC] has gained 8.3% but XRP has shed 1.62%.

The XRP price prediction for November leaned bearishly. However, a short-term bounce of around 3% is possible. Beyond that, a recovery

XRP price prediction- Why the bears have the upper hand

XRP 1-day Chart

Source: XRP/USDT on TradingView

Since August 2023, XRP has been confined to a range formation that stretched from $0.72 to $0.46. In July 2024, the price appeared to fall below the range lows, but was quick to recover, bouncing as high as $0.638.

The past four months saw the $0.64 zone develop into a stern resistance zone. The $0.5865 mid-range level was flipped to support and a breakout was attempted in the second half of September, but was unsuccessful.

At the same time, the $0.52 level has been a reliable support level, but on Friday the 25th of October, bears forced XRP to drop to $0.486.

This reinforced the bearish structure on the lower timeframes, and the daily session close below $0.52 meant sellers had the upper hand. This finding was supported by the Money Flow Index, which slipped below 50. The CMF has been unable to scale past +0.05, showing that strong capital inflows were not present in October.

Short-term volatility expected

XRP Liquidation Heatmap

Source: Coinglass

The one-month look back liquidation heatmap highlighted the $0.54 and $0.57 as sizeable magnetic zones close to the price. The latter is stronger, but given the price action of the past week, a move to $0.57 appeared unlikely.


Read Ripple’s [XRP] Price Prediction 2024-25


A bounce to$0.54 to collect liquidity before a plunge below $0.5 is anticipated for XRP in November. To the south, the range lows at $0.46 and the August low at $0.432 would be the bearish targets, especially if Bitcoin saw a sizeable pullback from near the all-time high of $73.7k.

A move beyond both $0.54 and $0.57 could set XRP up for a retest of the local highs around $0.62, but appeared unlikely given the lack of demand in recent weeks.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

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Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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