XRP MARKET UPDATE 24.NOV.2024

Good morning, traders! Welcome to today's XRP/USD daily market update for November 24, 2024. The current price of XRP is $1.4692, and we’ll be diving into the latest technical and on-chain insights to help you navigate the markets.

Starting with the 4-hour chart, XRP is showing signs of consolidation after its recent sharp rally. The Market Cipher indicators highlight bearish divergence in momentum, suggesting a possible short-term pullback to retest support levels at $1.42. On the daily timeframe, we’re tracking an Elliott Wave formation. It appears that XRP has completed Wave 3 in the macro bullish structure, with a Wave 4 correction likely targeting the $1.40-$1.42 zone before resuming its upward movement in Wave 5. Our projection for Wave 5 suggests a move toward the $1.65-$1.70 range.

Now let’s look at the on-chain data and whale activity. Whale wallets have been actively accumulating XRP in the $1.30-$1.40 range, confirming strong support in this zone. On-chain transaction volume has increased significantly, indicating growing interest at current price levels. At the same time, exchange inflows are decreasing, showing reduced selling pressure, while whale distribution zones are visible near $1.50, aligning with immediate resistance.Aggregated order flow data reveals strong bid liquidity around $1.40-$1.42, reinforcing the support levels. On the other hand, sell walls are visible between $1.50 and $1.55, which could act as resistance in the short term. The heatmap further confirms these liquidity zones, giving us a clearer picture of market sentiment.

Bullish Case: If XRP breaks above $1.50 with strong volume, we expect a move toward $1.60-$1.65, completing Wave 5 of the Elliott Wave structure.    

Bearish/Consolidation Case: A rejection at $1.50 could trigger a pullback to the $1.42-$1.40 support zone, forming a higher low for the next bullish leg.

To summarize, XRP remains in a strong macro uptrend, with $1.42 as the key support level and $1.50 as the critical resistance to watch. A breakout above $1.50 could signal a continuation toward $1.60 and beyond. 

Thank you for tuning into today’s market update. Stay sharp, manage your risk, and trade confidently. See you tomorrow for another update!This is your daily XRP/USD update powered by algo-fund.com. Visit our website for the latest insights, tools, and trading strategies.