XRP price has crashed nearly 27% since forming a local top on September 29, 2024, at $0.664. With crypto markets sliding lower due to the Tether FUD and escalation of the Israel-Iran conflict, Ripple will also continue its descent. But the key question remains – “How low will XRP price go in November?”

In this CoinGape article, let’s explore the value of XRP and answer this question.

How Low Can XRP Price Go in November? 

Between now and first week of November, XRP price could crash 10% toward the $0.469 support level. If the crypto markets recover from Friday’s Tether rumor, there could be a chance that the aforementioned 10% crash is as low XRP price could go in November.

There might be another crash for Ripple in the first week of November, specificially on November 5, which is when the US presidential elections conclude and the results are announced.

If Donald Trump wins, then XRP price is unlikely to drop lower, which could hint that $0.469 is as low Ripple can go in November. On the other hand, if Kamala Harris takes the helm, there could be another crypto market crash toward $0.469, but in some cases, Ripple might dip as low as $0.40 in November.

Ripple Price Prediction: XRP Likely to Slide Lower

Despite the recent 8.65% crash, XRP price has made a strong comeback recovering 6% since Friday’s daily low of $0.486. Does this mean that XRP, a Ripple-affiliated token is down crashing? No. Ripple aka XRP, could slide lower.

As shown in the below chart, Ripple price crashed 23% between September 29 and October 3, breaching the key support level of $0.556. There was a fierce attempt to overcome this hurdle for the next 18 days, but buyers failed, leading to a 14% crash from October 17’s daily high of $0.566. With XRP just 9% away from a critical bottom of $0.469, there is a chance Rippe could sink even lower.

Supporting this outlook is the Relative Strength Index (RSI), which hovers around 39.54, just below the mean level of 50. This shows that the bearish momentum is in control and sellers could push XRP lower into the oversold territory.

The Awesome Oscillator also shows a similar outlook with histogram bars present below the zero level, suggesting that bears are in control.

There might be a short-term spike in XRP price that propels it toward 0.532, an ephemeral resistance level that could trigger another correction. Investors need to be cautious of this rejection that could catalyze a 10% crash toward the $0.0.469 resistance level.

XRP/USDT 1-day chart

While the outlook for XRP price remains bullish in the long-term, the short-term outlook is bearish. Investors could have a better price to buy the dips. The $0.469 is a key support level. However, if price recovers above $0.556, it will invalidate the correction thesis. In such a case, Ripple could continue its ascent toward the next key level at $0.635.

The post How Low Could XRP Price Drop in November 2024? appeared first on CoinGape.

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Filed under: News - @ October 26, 2024 10:26 am