Ripple announced a new partnership that could boost the XRP Ledger’s growth in NFT markets. In the past few days, NFTs on Ripple have not performed well. Interestingly, despite the ongoing litigation with US financial regulator Securities and Exchange Commission, Ripple has continued to show improvements in its NFT performance.

XRP price currently auctions at $0.38. On November 10, the bulls achieved an 18% recovery rally. The rally established a large bullish engulfing up-bar a few integers short of the $0.40 price level on the daily time frame. The Relative Strength Index (RSI) shows the November 9 low at $0.3160 as more oversold than the June 13 bottom at $0.3012. This subtle piece of information suggests XRP has underlying strength and could be the catalyst to challenge newly established bears in the market.

XRP price could fluctuate between $0.32 and $0.56 for the remainder of potentially Q4. Liquidity levels as high as $0.66 could face a challenge if the bulls can reconquer the $0.50 zone, but traders should take things one step at a time. If the market has any bullish potential, the divergent June 13 low at $0.30 will need to remain unbreached. If the invalidation level is tagged an additional decline toward 2020 liquidity levels near $0.26 could occur. Such a move would result in a 35% decline from XRP's current market value.

XRP Bulls to continue further hawkish strength

Nov 13 2022