XRP Price Analysis for November 5
The market is under bearish control midweek, with XRP/USD experiencing a 1.63% decline in the last 24 hours. On the hourly chart, XRP attempted a false breakout at the $2.2562 resistance level. If bulls maintain momentum and close near this level, a test of $2.30 might follow. On longer and midterm timeframes, there are no clear reversal signals. Should the candle close near its low, further decline towards $2 could occur. At press time, XRP is trading at $2.2353.
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Market Trend Overview
The bears are controlling the situation in the market during the middle of the week, according to CoinMarketCap. This indicates a downward pressure on price movements as sellers dominate the trading arena.
XRP 24-Hour Price Movement
The rate of XRP/USD has declined by 1.63% over the last 24 hours. This downward trend highlights a reduction in market value, creating potential opportunities for traders monitoring key price levels.
Hourly Chart Analysis
On the hourly chart, the price of XRP has made a false breakout of the local resistance at $2.2562. However, if bulls can maintain the initiative and the daily bar closes near that mark, there is a strong likelihood of testing the $2.30 area soon.
Longer Time Frame Perspective
From a longer time frame, no reversal signals have appeared yet. However, if the candle closes significantly above yesterday's bar's low, traders may expect a bounce back to the $2.40 range, signaling a potential recovery.
Midterm Outlook on Price Movement
From the midterm point of view, a similar scenario exists. If the bar closes near its low without a long wick, the decline will likely continue toward the $2.00 area. Such a movement would confirm the ongoing bearish trend.