Experienced market analyst -Michaël van de Poppe has called attention to a recent XRP rally identifying profitable positions for investors.
In his analysis, he pointed out that XRP has been recording a sustained uptrend for the past few weeks. Notably, the upswing is an avenue through which it aims to recover the values lost during the correction from the $0.93 high.
XRP recently reached $0.93 after the pivotal July 13 ruling in the Ripple vs. SEC case, later to correct to $0.45. Now, XRP is making a comeback.
From mid-October, XRP has seen three consecutive weeks of gains, marking a total increase of 32.44%. This momentum continued into this week, with an impressive 11% gain over the past three days.
However, after reaching a high of $0.7324, XRP faced resistance and experienced a 4.17% drop. This prompted Van de Poppe to suggest a potential correction that could erode some of the recent gains.
XRP Buy Opportunity and Analysis
The analyst highlighted $0.5393 on a weekly chart, signaling it as a potential buying opportunity. This price level was last seen on October 27, just before the recent rally gained momentum. According to van de Poppe, $0.5393 could act as a crucial support if XRP experiences a correction.
A retest and rebound from this level could lead to a more robust rally, given the current bullish momentum driven by whale accumulation and positive developments from Ripple.
Notably, XRP has three strong support levels to guard against a drop to $0.5393. The first support is at $0.6650, represented by the Fibonacci level of 2.618. If this is breached, the next support comes at $0.5986, corresponding to the Fib. 1.618.
The ultimate defense against downward pressure is the Fibonacci 1 level at $0.5576, which proved effective in preventing a decline on October 31 that could have invalidated the ongoing rally prematurely.
XRP’s market is drawing growing investor interest, with rising volume and Open Interest (OI) as evidence. Open Interest, which had been consistently increasing since November 3, has recently dipped slightly but still stands at $589 million according to Coinalyze data. The trading volume has also surged, maintaining levels above $1.4 billion for most of the month, except for a brief drop to $811 million on November 4.
Currently, XRP’s 24-hour trading volume is $357.913M, despite a decrease. The asset’s current price is $0.6747, with a marginal 1.56% decline over the last 24 hours.