Analyst van de Poppe Identifies Entry Price For XRP for Next Rally

Veteran market analyst Michaël van de Poppe has called attention to the recent XRP rally, identifying the best position for investors to fill up their bags in the event of a correction.

In his analysis, van de Poppe pointed out that XRP has been recording a sustained uptrend for the past few weeks. Notably, the upswing is an avenue through which it aims to recover the values lost during the correction from the $0.93 high.

Van de Poppe highlighted that XRP had surged to $0.93, a value it attained following the pivotal July 13 ruling in the Ripple vs. SEC case. However, XRP corrected the gains, dropping to a low of $0.45. The analyst confirmed that XRP has now staged another comeback.

Since mid-October, XRP has observed back-to-back weekly gains, printing three consecutive weekly candles amid a 32.44% increase. The upswing spilled into this week, with the asset recording an impressive 11% gain over the past three days.

Nonetheless, following a surge to a high of $0.7324, XRP faced opposition that saw it shed off 4.17% of its value yesterday. Amid the drop, van de Poppe highlighted the possibility of a correction that could see the asset lose more of the recent gains.

XRP at $0.5393: A Buy Opportunity 

In a weekly chart, the analyst spotlighted $0.5393 with a green identifier. According to van de Poppe, should XRP witness a correction that brings it back to this price level, it would present an opportunity for investors to fill their bags.

The last time XRP saw the $0.5393 level was on Oct. 27, right before the latest rally picked up pace. Van de Poppe’s rationale is that this level would likely serve as crucial support for XRP, defending against further declines amid a correction.

Furthermore, should XRP retest the $0.5393 point and engineer a rebound, the ensuing rally could be more explosive than the recent one. The asset has continued to leverage bullish momentum stemming from rapid whale accumulation and positive developments from Ripple.

Interestingly, XRP has three potent support levels that could hedge against a drop to $0.5393. The first support is $0.6650 at the Fibonacci level of 2.618. Should the bears breach this level, the Fib. 1.618 would come into play, presenting the next support at $0.5986.

The last and most important defense against the bears stands at the Fibonacci 1 level, representing $0.5576. This price point recently helped eliminate a slump on Oct. 31 that could have invalidated the ongoing rally prematurely.

Sustained Interest 

Meanwhile, the XRP market continues to witness increasing interest from investors, as evidenced by the growing volume and Open Interest (OI). Remarkably, Open Interest had continued to grow since Nov. 3, rising from $489 million to $677 million on Nov. 6.

Despite a noticeable drop in OI, the current value is $589 million, per Coinalyze data. Volume has also witnessed an impressive uptick over the past week, staying above $1.4 billion throughout this month, except Nov. 4, which saw $811 million in volume.

XRP’s 24-hour trade volume currently stands at $2,263,730,057 despite a 32% slump. The asset changes hands at $0.6822, observing a 0.82% decline over the last 24 hours.