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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
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
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
