The Bull and Bear Outlook for XRP in November

Summary:
XRP has recently experienced fluctuations, dropping below $2 for the first time in seven months. As the cryptocurrency continues to navigate market challenges, a market analyst has identified two potential scenarios: bullish and bearish—determining the altcoin's next move.

Key Takeaways

Current Price Dynamics: XRP recently fell below $2, approaching a yearly support level at $1.79.
Bullish Scenario: For XRP to rise, it must break resistance levels at $2.12 and $2.18. Key metrics include buyer control and turning resistances into support.
Bearish Scenario: If XRP is rejected at the resistance zone, a drop below $2 may occur, potentially leading to lower price levels around $1.90-$1.92.

XRP TD Sequential

The Bullish Outlook for XRP

For XRP's price to regain momentum and rise, significant shifts must occur in the current trends. Firstly, XRP must surpass the resistance at $2.12 and then face further resistance at $2.18. According to crypto analyst Melikatrader, if these resistance levels are broken with strong momentum, XRP could begin its upward trend again.

To achieve this, certain conditions need to be met. The analyst identifies three critical requirements for XRP to elevate back to the $2.35-$2.45 range:

Market Control by Buyers: Recently, the market has favored sellers, pushing prices down. A recovery hinges on buyers returning to dominate the trading landscape.
Confirmation of Support: The mentioned resistance levels must be broken and transformed into supportive barriers for the upward movement to proceed.
Breaking the Descending Trendline: A successful breakout above this trendline, aiming for the $2.35-$2.45 target, is essential for a sustained price pump.

XRP Price
Source: TradingView

The Bearish Scenario for XRP

Conversely, there remains a strong bearish presence in the market, with the possibility of sellers reclaiming control over XRP. The analyst notes that if the price fails to hold the S&D zone, particularly by rejecting the $2.12-$2.18 resistance, a decline seems imminent.

This potential rejection would suggest that the market momentum is shifting downward, with sellers becoming predominant. Such a scenario could trigger XRP to fall below the $2 mark and possibly retest recent lows in the range of $1.90-$1.92. Should this occur, it may indicate the onset of a new cycle of weakness for XRP.

XRP Price Chart
Price struggles to hold gains | Source: XRPUSDT on Tradingview.com