XRP’s price action exploded in November, here’s what you need to know.
Key Support levels: $0.92
Key Resistance levels: $1.6
1. XRP is Consolidating After a Strong Rally
In November, XRP’s price went on a 200% run to the $1.6 resistance. This is both impressive and surprising considering that this cryptocurrency is a top 10 coin by market cap.
Ethereum, for example, only advanced 50% in the same period. This has returned attention to XRP and the price is consolidating under the key resistance at the time of this post.
2. Bias Remains Bullish
The weekly MACD shows a clear bullish bias. There is no weakness in the price action either and the histogram shows that by making higher highs. The main takeaway is that XRP has a likely chance to continue higher later.
3. Weekly RSI Cooldown
While the overall momentum remains bullish, the weekly RSI shows that its intensity has decreased and this is a healthy retrace before further gains. Once this consolidation is over, the key resistance at $1.6 may be put under pressure again.
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