XRP Price Prediction: XRP Is Close to a Key Breakout Level at $0.66, with Potential to Rally Up to $1.50

XRP saw a 19% jump this week as strong market indicators, including reduced selling pressure and increased open interest, point to further bullish movement.

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XRP price analysis reveals a potential breakout from a key resistance level, aiming for a rally up to $1.50. XRP price surged by 19% this week, driven by bullish market indicators. Despite the promising market trend, investors are keeping an eye on the upcoming Ripple vs. SEC hearing on November 21, which could influence XRP's price trajectory.

XRP price is nearing a crucial breakout level that could propel the cryptocurrency to $1.50. Currently trading at $0.6054 after a 5.1% surge in the last day, XRP faces a key breakout level that needs to be surpassed to continue its rally. In other news, Bitcoin price shot up by over $10,000, reaching $89,561, sparking hopes that its rally might aid XRP in climbing higher as well.

If Bitcoin reaches the $90,000 mark, it could provide the necessary boost for XRP to make a big move. Notably, XRP has seen a strong rally, now trading at $0.64 after a whooping 19% surge this week. Many investors are eyeing XRP to return to its year-to-date high of $0.74, a move that is being supported by positive market indicators and declining selling pressure.

While many are enjoying this much-awaited rally, many are still concerned about the potential fall due to the Nov 21 hearing in the Ripple vs SEC case. Before that let’s know if XRP can break its stagnant phase or not.

Is XRP Price Breaking Out?

A significant reduction in XRP’s selling pressure is evident in its negative exchange flow volume. According to data from Santiment, around 39 million XRP tokens have been recently shifted off exchanges, reducing the available supply and bolstering the price growth. This trend, where more tokens are being moved into personal wallets, signifies bullish sentiment and strengthens the potential for further gains.

XRP Price Analysis: Key Resistance at $0.66

Currently, XRP faces resistance at $0.66, a level that XRP has attempted to surpass twice since July. A successful breakout and retest of this resistance could propel XRP toward its year-to-date high of $0.74. However, if the bullish momentum weakens, XRP may see a correction below $0.60, which could shift sentiment and delay further gains.

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