XRP Price Analysis for November 5

5 November 2023

in XRP

Reading Time: 2 mins read

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Buyers are not giving up even on the last day of the week, according to CoinStats.

XRP/USD

XRP has gained a lot today, rising by 4.45%. Over the last week, the price has risen by 15.61%.

On the hourly chart, the rate of XRP is still looking bullish despite the sharp rise. However, one should pay attention to the daily bar closure in terms of the resistance at $0.6541.

If it happens far from that mark, the correction may lead to a test of the $0.63 area soon.

Bulls are also powerful on the daily time frame. If the bar closes above $0.65, the upward move is likely to continue to the nearest resistance at $0.6655 within the next few days.

From the midterm point of view, XRP is bullish as the candle might close near the resistance level. However, the volume is low, which means that buyers might need time to accumulate energy for a further move. In this case, sideways trading in the area of $0.60-$0.65 is the more likely scenario for the next weeks.

XRP is trading at $0.6422 at press time.

About the author

Denys Serhiichuk

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.