Ripple is about to end the week negative as cryptocurrencies see red again. The following shows Ripple price prediction November 9 update from a technical analysis perspective.
November 08, 2019 | AtoZ Markets – The cryptocurrency market lost about $5 billion on Friday as the entire market capitalization closed at $240.8 billion. Almost all the cryptocurrencies listed on Coinmarketcap fell sharply. In the last 24 hours, Ripple, BCH and BTC shed 4.5%, 4% and 3.75% respectively. Among the top 5 cryptos, Ripple has been the worst hit by the current bearish run. After a sharp recovery to 31.5 cents on Wednesday, the third-largest cryptocurrency fell sharply in less than 48 hours after. XRP price hit 27.2 cents on Friday and is about to close the week bearish.
Ripple in 2019 so far
Ripple has had a tough year in terms of price growth. In late September, when it fell to 21.2 cents, it had lost 43% ytd. However, recent surge in October has seen that deficit reduced to 22.5% ytd. Despite the drop in price, Ripple has had an exceptional year in terms of partnerships, customer base and liquidity. In fact, CEO Brad Garlinghouse claimed that 2019 is the best year in the Fintech company’s history. In the last one year, the number of transactions on RippleNet increased by ten times. However, the year has not come by without controversial negative news. The startup has been accused many times of ‘dumping’ by its biggest holders.
Ripple price prediction November 9 update
Technically, it seems the price has returned to the bearish zone once again. XRP’s frequent knocking at 30 cents earlier this month without a breakout has shown that the bullish forces are not strong enough. In the last update, we expected a minor dip before the bullish resurgence continues. However, the current price situation suggests the return of the bearish trend is more probable.
The price is currently below a strong resistance zone. It looks like the bearish pressure is still very strong. Unless a massive breakout above the falling trendline above happens, we should expect Ripple to fall below the 21.2 cents previous low. In addition, since the price surged toward this resistance zone, it has gone sideways and emerged into a triangle pattern as the chart below shows.
A triangle pattern is emerging or might have even completed. Technically, this should be a bearish contracting triangle. A breakdown below the support line will most likely see Ripple drop to 12-13 cents. However, if the price breaks upside instead and above the long term trendline mentioned in the weekly chart above, we should see it advance to 37 cents at least and thus buy the bulls more time.