What to Expect from XRP in November 2024: Analysts Weigh In 📉
Ripple's XRP has struggled to sustain a price above $0.60, facing resistance for months. Nonetheless, it holds above crucial support levels, sparking investor hope.
Institutional involvement is minimal, with only $2.3 million inflows in October, lagging behind peers like Solana and Litecoin. This reflects cautious institutional sentiment on XRP.
Victor Tan notes that while recent ETF optimism had limited impact, more institutional partnerships or regulatory clarity could aid XRP's growth, possibly achieving up to a 15% increase with favorable developments.
Higher institutional inflows typically stabilize and bolster price growth. Without them, XRP might continue its struggle to surpass resistance, limiting strong rallies.
Current MVRV ratio data show XRP as undervalued, inviting potential buying opportunities as it approaches further loss levels, while maintaining a long-term undervalued status.
XRP struggles below the 38.2% Fibonacci line at $0.52, indicating weakened investor support and possible prolonged stagnation, unless broader market conditions improve significantly.
A drop to $0.47 could align with long-term bear market support, but breaching it might erase bullish hopes, leading to deeper price declines.
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