Ripple Price Analysis — November 3

After a sharp rally to the $1.2350 seven-week top this morning, XRP suffered a bearish blow to the $1.1500 support as bears claim control of the $1.2250 top. This price action comes after a prolonged downward-trending cycle towards the $0.9500 low, followed by consolidation between the $1.1000 - $1.0500 pivot area. With the price currently at $1.1660 area, I expect a retest of the $1.1500 intraday low, followed by a steady bullish continuation towards $1.2000. Although significantly unlikely at the moment, a fall into the $1.1000 pivot zone could thwart the recently accrued bullish efforts and resume a bearish momentum for the seventh-largest cryptocurrency.

Meanwhile, my resistance levels are $1.2000, $1.2250, and 1.2500, and my support levels are $1.1500, $1.1000, and $1.0500.

Total Market Capitalization: $2.71 trillion

Ripple Market Capitalization: $54.6 billion

Ripple Dominance: 2.01%

Market Rank: #7