After the FOMC meeting, the price of XRP is consolidating above the $0.448 support level.
What’s happening now?
Investors should anticipate a brief rebound to $0.484, but $0.400 remains a solid target for accumulation. The bullish thesis for Ripple will be deemed incorrect if the daily candlestick closes below $0.382. Following the Fed’s decision to raise interest rates by 75 basis points on November 2, the XRP (1) price displays a tight-range shape. Although volatility increased due to this move, Ripple could maintain its position above a reliable support level. The remittance token will probably give patient holders a chance to accumulate.
The XRP price develops its strategy.
Since September 22, the XRP price has maintained above the $0.448 support level. The remittance token has made five bounces off this level and will probably try to reach the same highs at $0.484. If the bears breach the $0.448 support structure, there will be a fall to $0.400 if buyers cannot continue the impetus following this liquidity run. From the standpoint of market makers, this decline will be excellent since it will entrap eager bulls and let them let off steam following the 73% rise seen in late September.
Investors with patience might take advantage of this chance to stock up on XRP coins at the $0.400 mark. Holders may have the chance to ride a 55% upsurge to $0.609, which is the midpoint of the 69% drop observed in Q2 if purchasing pressure picks up again at this point. For holders to record profits, this fall to $0.609 would complete the mean reversion play of the 69% drop.
What’s next?
Although the XRP price is trending upward, a rash move over $0.448 might technically spoil this positive view. A breach of the $0.382 support level, which would result in a lower low and invalidate the optimistic scenario, would be the worst-case scenario. As a result of this event, the price of XRP may return to the $0.330 support level, where purchasers may treat their injuries and attempt another run-up.
