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Ripple (XRP) Poised for More Upside, Analyst Says This Level Is the Time To Be a Buyer

Rudolph Waltz Rudolph Waltz
November 8, 2023
Ripple Eyes Multi-Year Highs if Fourth Accumulation Pattern Holds True - Analyst

The price of XRP has seen bullish momentum in recent weeks, according to crypto trader Michaƫl van de Poppe, surging from lows around $0.45 up to local highs around $0.93 before pulling back to consolidate gains.

In a recent tweet, van de Poppe noted that XRP’s correction from $0.93 back down to the $0.45 level allowed the market to reset after its powerful run-up.

Now trading around $0.65, he suggests any further dips back toward $0.54 could offer an attractive area for bulls to re-enter. 

XRP has rallied strongly so far in 2023 after a brutal bear market in 2022 saw it drop below $0.30. With positive momentum returning to the market, technical analysts are eyeing a retest of 2022 resistance around $0.93 and then $1.00 in the near term if XRP can build on its recent gains.

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However, XRP will need to hold above support at $0.54 to maintain its bullish market structure. Otherwise, a deeper correction towards $0.45 could be in store before bulls try again to break out to new highs. But for now, the technical picture remains constructive for additional upside.

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Rudolph Waltz
Rudolph Waltz

Journalist. 2 years working in a local newspaper in Karlsruhe, Germany. Now Rudolph is engaged in writing analytical articles for the cryptocurrency market. He creates an analysis of ICO-projects, conducts research, and does surveys on the crypto-market.

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