Is this XRP price last held support before the downtrend is confirmed?

At the end of October, the XRP price is expected to increase in the market. The lawsuit between the SEC and Ripple has also gone smoothly over the past few weeks. But November has not been so nice.

November doesn’t look like a lucky month for XRP price

Fews days ago, XRP was down at 15% on the month, hitting a monthly low of $0.91. At the time of writing, Ripple’s native token is changing hands at $0.9761.


XRP/USD 4-hour chart | Source: TradingView

The price structure at first glance seems dire. However, there could be some form of recovery as another investment opportunity for the token. Here, it is important to note that this is not financial advice, and the story is based on observations from the market.

Although XRP is currently consolidating below the $1 mark, it should be understood that it is also testing the demand zone established by its previous downtrend. After hitting a peak of $1.45, the value of XRP fell to this particular range in mid-September, after which it continuously improved on the charts.

The bullish bias for XRP occurred after its symmetrical triangle resulted in a bullish breakout. However, a lack of momentum and a general trend reversal forced it back. For now, it remains an important stage of recovery for XRP, where several support ranges emerge together.

Technically, the range between 0.5 and 0.618 is considered critical before a bullish market reaches a bearish reversal. Hence, XRP must recover from this point on the chart, or it is close to confirming an irreversible bear trend.


Source: Sanbase

The MVRV ratio was illustrative of negative sentiment for XRP holders. With the indicator’s value dropping below zero, it seemed to suggest that investors are currently taking more profit than holding. It also implied that exhaustion of selling pressure could be near.

Finally, the NVT circulation chart also points to an investment opportunity. The network value for transactions is low, meaning that the transactions do not fully reflect the intrinsic value of XRP.

Right now, all signs are slowly moving against XRP and confirming a downtrend could be approaching. Therefore, this altcoin needs to sustain above the demand zone and consolidate for the next few trading sessions.

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