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Home CRYPTO

XRP Faces Correction After Multi-Year High as Analysts Predict Further Volatility

by Matoy
November 28, 2024
in CRYPTO
Reading Time: 2 mins read
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  • XRP has dropped over 17% since reaching $1.63, signaling potential exhaustion of its bullish momentum.
  • Historical RSI trends and whale activity suggest a possible pullback to $1 or lower by December.
  • Long-term projections remain optimistic, targeting $3.41 and higher if bullish fundamentals persist.

XRP, the cryptocurrency associated with Ripple, has seen a notable drop of over 17% just four days after hitting a multi-year high of $1.63. By November 27, XRP was trading near $1.41, though it remains one of the best-performing assets this month, up nearly 180% month-to-date according to TradingView data.

Analysts point to its Relative Strength Index (RSI) remaining above 70 on daily charts throughout November, signaling potential overbought conditions. Historically, XRP has undergone significant corrections after hitting similar RSI levels. For example, its RSI surge in June 2023 led to a price drop of 46.5% in two months.

Fibonacci retracement levels and previous resistance points also suggest a possible correction. XRP could test the $1 level, coinciding with the 1.618 Fibonacci retracement, while a deeper pullback may target the 50-day EMA near $0.85.

TradingView

Whale Activity and Long-Term Projections

Whale behavior is another factor influencing the current price action. Data from Messari shows a decrease in the supply held by addresses with over 100,000 XRP tokens, suggesting whales may be distributing their holdings as retail buyers enter the market.

On a broader timeframe, XRP remains in a long-term bullish pattern, having broken out of a symmetrical triangle that persisted for seven years. This breakout mirrors a historical move that preceded XRP’s 43,650% rally in 2017-2018.

If the current pattern holds, analysts believe XRP could retest its 2018 peak of $3.41, with longer-term targets as high as $13.93 based on Fibonacci extensions.

Fundamentals may also support extended growth. Ripple’s recent partnership with Archax to launch a tokenized money market fund and hopes of resolution in its legal battle with the SEC add optimism to its outlook. However, with the 6-week RSI reaching 70, short-term corrections remain possible, potentially retesting support near $1.00.

Despite its recent decline, XRP’s long-term potential continues to draw investor interest, though short-term volatility may persist.

Tags: xrp
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