Ripple price has been in a tight range in the past few weeks as other cryptocurrencies went vertical. The XRP price was trading at $0.4540, where it has been in the past few days. This price is about 17% below the highest point in October and about 41% above the lowest level in September. So, what next for Ripple in November?
Ripple outlook
Ripple Labs published its quarterly results last week that provided an overview of its ecosystem. In it, it talked about the SEC lawsuit against Ripple and remained optimistic that it will prevail. The main comment was that the SEC managed to finally publish documents related to Hinman’s speech in 2018.
In that speech, he said that he did not consider offers and sales of BTC and ETH to be securities. Ripple Labs and SEC will now file reply briefs in November and wait for the judge’s decision. Ripple Labs also talked about its entry in the NFT industry after Balmain adopted its technology. More Ripple NFTs will be unveiled soon through the Creator Fund.
In total, ODL-related sales rose from over $2.1 billion in Q2 of this year to over $2.8 billion in the third quarter. Its total purchases rose to $2.5 billion, bringing the net sales to about $310 million. Global XRP daily average volume dropped to $789 million. Ripple released 3 billion XRPs out of escrow while it expanded its interchain operability in Q3 after integrating with XRP Ledger.
Ripple price prediction
The four-hour chart shows that the XRP price has been in a consolidation phase in the past few weeks. In this period, the coin has formed a symmetrical triangle pattern. This triangle pattern is nearing its confluence level and is slightly below the 25-day moving average. The Relative Strength Index (RSI) has slipped below the neutral level.
Therefore, there is a likelihood that Ripple price will likely have a bearish breakout in November. If this happens, the next key support level to watch will be $0.40, which is about 12.26% below the current level. A move above the upper side of the triangle pattern will invalidate the bearish view.
