XRP Price Analysis for November 17
Bears are back in the game, according to CoinStats.
XRP/USD
The rate of XRP has fallen by almost 6% over the last day.
On the hourly chart, the rate of XRP might have found a local support level of $0.5906. Now, one should focus on the daily bar closure.
If it happens far from that mark, there is a chance to see a bounce back to the $0.61 area tomorrow.
On the bigger time frame, the rate of XRP is on its way to the support level of $0.5870. If the price fixes below the $0.60 zone, the accumulated energy might be enough for a breakout, followed by a blast to the $0.55 range.
From the midterm point of view, the price of XRP keeps going down after a false breakout of the previous bar’s peak. In this case, the nearest stop where buyers may again seize the initiative is the support of $0.5491.
XRP is trading at $0.5941 at press time.