The XRP price has had a mixed flow this month in terms of price action. The cryptocurrency increased by 25% in the first week of November to exceed $0.73, marking the first breach of this price point since June. However, XRP has since lost some of these gains. The crypto is now trading at $0.6574 at the time of writing and is down 5.04% in a span of seven days.
According to crypto analyst and enthusiast Will Taylor, known as Cryptoinsightuk on social media, this is very normal for XRP, and price history has shown that it is only a matter of time before this catches up.
The analyst announced this while sharing his technical analysis on X (formerly Twitter). According to him, technical indicators indicate that liquidity will flow into XRP very soon, and a price increase is expected within two days.
Liquidity to rotate in XRP
Cryptoinsightsuk has predicted further upside for XRP in the near term, which resonates with other analysts who see a positive trajectory for XRP. The asset has largely been tied to the broader moves within Bitcoin and Ethereum since the October lows. It has now lagged behind and liquidity is flowing to other altcoins such as Solana and Cardano.
Technical analysis using the RSI indicator shared by Cryptoinsightsuk showed that XRP recently entered the overbought territory as it rose a lot in a short period of time. The analyst pointed out that the last time the asset entered overbought territory on the RSI, it continued to rally around 36%.
Cryptoinsightsuk thinks we’re seeing the same pattern happening now, and that an explosion is looming in the next 24 hours. A repeat of this rally versus the current price creates a $0.90 price target for XRP.
$XRP Shoot T-2 days.
When we boom in the crypto markets, liquidity is cycled to different alts. They then pump respectively.$XRP moves in % similar to most Total 3 (Crypto Market Capitalization – $BTC And $ETH) from rock bottom.
Lately, though, it seems that way $XRP has… pic.twitter.com/f36zzOguXd— Cryptoinsightuk (@Cryptoinsightuk) November 12, 2023
Technicals to Watch for XRP Price Rally?
XRP is poised for a strong rally now that growth is no longer stifled by the SEC lawsuit. Support has now formed at the $0.65 level, and the first move will be to break the $0.70 level. The next resistance is at the yearly high $0.80. Other bullish analyses have arrived for XRP in recent days. a previous X-post by Cryptoinsightsuk predicted a strong rally to at least $10.
According to analyst ERGAG CRYPTO, XRP appears ready to at least achieve $1.3 after breaking the current ascending triangle. This will be followed by a stronger price movement to at least $5.5 before retail investors start selling their shares.
There is a good possibility that the price of XRP will rise above $1 in the near future. However, this could only become a reality once a US judge finally addresses all the regulatory uncertainties surrounding Ripple and XRP. The good news is that Ripple seems to have the upper hand currently.
XRP sees dip to $0.65 | Source: XRPUSD on Tradingview.com
Featured image of Crypto Asset Buyer, chart from Tradingview.com
