- Lately the price is consolidating in a confined range eyeing for a breakout.
- At the time of writing, XRP is trading at $0.6694, up 1.69% in the last 24 hours.
As November began, the cryptocurrency market was led by bulls. Major cryptocurrencies including XRP have seen large price increases as a consequence of this revived bullish trend. According to Whale Alert’s reporting as of today, November 11th, a massive whale movement has occurred, with over 39 million XRP being transferred to crypto exchange Coinbase.
This transaction seems to coincide with the current price increase seen by the cryptocurrency over the previous few days due to multiple developments. Data uncovered by Whale Alert shows that an unknown wallet sent about $25.84M worth of XRP to Coinbase.
As pro-XRP lawyer John Deaton expects a significant decrease in the projected $770 million disgorgement, the legal tale of Ripple vs the SEC takes an intriguing turn. Crypto market aficionados have taken notice of the recent statements from notable XRP community members. Any major update in the SEC lawsuit will no doubt have a significant effect on the price of XRP.
Breakout Likely
At the time of writing, XRP is trading at $0.6694, up 1.69% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is down 34.86%. If the price manages to go past the $0.70 resistance area, then it will likely surge to test the $0.73 level. Breaking above this level will likely see price testing $0.82 resistance level.
Lately the price is consolidating in a confined range eyeing for a breakout. However, if the bears can drive the price below the recent support level of $0.65 area, then price will likely fall to test $0.62 level.
