In a recent analysis, notable market analyst Michaël van de Poppe (@CryptoMichNL) drew attention to the recent XRP surge, offering valuable insights for investors seeking to optimize their positions during a potential correction.
XRP’s Recent Performance
After reaching its peak of $0.93 in July, XRP faced a correction that saw it drop to as low as $0.45. However, it has since staged a comeback.
Over the past few weeks, XRP has been on a consistent upward trajectory. The token is trying to recover from the correction after the surge initiated by the ruling in July, which determined that non-institutional sales of XRP did not violate securities laws.
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Starting from mid-October, XRP has shown a remarkable performance, with three consecutive weeks of gains totaling over 30%. This bullish momentum has continued this week, with a 12.78% gain over the past seven days.
XRP Entry Point If Correction Prevails
Despite the recent gains, XRP faced resistance after reaching $0.729. It’s currently priced at $0.6934. Van de Poppe has highlighted the possibility of a correction that could erase some of its recent gains.
Van de Poppe’s analysis points to a specific buy opportunity for investors. He identifies $0.5393 as a crucial support level to watch. If XRP experiences a correction that brings it back to this price level, it could present an attractive entry point.
The price of $XRP has been rallying past few weeks. It corrected from $0.93 back to $0.45 and came back up.
If $XRP does have a correction towards $0.54, another time to be a buyer. pic.twitter.com/50UsXhQaN5
— Michaël van de Poppe (@CryptoMichNL) November 7, 2023
Historical Significance of $0.5393
Van de Poppe reasons that this level could serve as a crucial support, potentially preventing further declines during a correction. Notably, the last time XRP was at the $0.5393 level was on October 27, just before the latest rally gained momentum.
If XRP retests this crucial level, a rebound could follow, and the subsequent rally could be even more impressive than the last one. This positive outlook is fueled by factors such as significant whale accumulation and positive developments within the Ripple ecosystem, like the recent partnership.
Read Also: XRP Price Abruptly Surged To $247 On CryptoCom Exchange, Sparking Speculation Among Pundits
Strong Support Levels
It’s important to note that XRP has several robust support levels that could act as barriers against a drop to $0.5393. The first support level is at $0.6650, aligned with the Fibonacci level of 2.618.
If this level is breached, the next support at $0.5986, corresponding to the Fibonacci 1.618, could prevent a further decline. However, the most critical defense against a drop to $0.5393 stands at the Fibonacci 1 level, represented by $0.5576.
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