What is the current state of XRP’s price action?

BitcoinWorld Essential Guide: Binance Pauses RUNE Network Upgrade – What Traders Must Know Attention crypto traders! Binance has just announced a crucial temporary suspension of THORChain (RUNE) deposits and withdrawals. This strategic pause supports an important RUNE network upgrade scheduled for November 20th. If you’re holding or trading RUNE tokens, understanding this development is absolutely essential for managing your portfolio effectively. What Exactly Is Happening with the RUNE […] This post Essential Guide: Binance Pauses RUNE Network Upgrade – What Traders Must Know first appeared on BitcoinWorld.

A cryptocurrency analyst has revealed where the most significant Dogecoin support level is located, according to on-chain cost basis data. Dogecoin CBD Points To $0.08 As Strongest Support In a new post on X, analyst Ali Martinez has talked about how Dogecoin support is looking from the perspective of the Cost Basis Distribution (CBD). The CBD is an indicator created by on-chain analytics firm Glassnode that tells us about the amount of DOGE supply that was last purchased or transacted at the various price levels that the coin has visited in its history. Generally, investors are sensitive to retests of their cost basis and can be prone to showing some kind of reaction during one. The more holders that have their cost basis at the same level, the larger the market reaction upon a retest. Thus, the levels that the CBD identifies as being dense with supply could potentially be significant ones for the cryptocurrency. Related Reading: Bitcoin Short-Term Holders Panic: 65,200 BTC Sent To Exchanges At Loss Now, here is the chart shared by Martinez that shows the trend in the Dogecoin CBD over the past couple of years: As displayed in the above graph, a major Dogecoin cost basis level is located around $0.20, hosting the break-even level of 12.1 billion DOGE. The latest bearish momentum, however, has meant that the memecoin has plunged under this mark, putting all these investors into a state of loss. Underwater holders may look forward to a retest of their cost basis so that they can exit with their entire investment back. This can make large supply zones above the asset’s price potential resistance barriers. Considering that the $0.20 level is so huge, it’s possible that DOGE may find notable impedance at it, should a retest take place in the near future. In the scenario that Dogecoin continues to decline, it might have to find support at a major cost basis center below. Such investors who were in profit prior to the retest may decide to buy more at their break-even level, thinking it to be a profitable entry point to accumulate more. From the chart, it’s visible that at the levels below, there aren’t any large cost basis zones until all the way down to $0.08, implying support may be thin for the asset. Related Reading: XRP, Bitcoin Now In “Good Buy Zone,” Says Analytics Firm The $0.08 level, though, is extraordinary in the amount of supply that it hosts the acquisition point of: 27.4 billion DOGE. The analyst has noted that this makes the line DOGE’s “most significant support level.” It now remains to be seen how Dogecoin will develop in the near term and whether a retest of one of the big cost basis centers will take place. DOGE Price At the time of writing, Dogecoin is trading around $0.158, down 10% over the last week. Featured image from Dall-E, Glassnode.com, chart from TradingView.com

XRP price started a fresh decline below $2.150. The price is now attempting to recover and faces resistance near the $2.15 pivot level. XRP price started a fresh decline below the $2.10 zone. The price is now trading below $2.150 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at $2.150 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move down if it settles below $2.020. XRP Price Faces Resistance XRP price attempted a recovery wave above $2.20 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.150 and $2.120. There was a move below the $2.050 support level. A low was formed at $2.025, and the price is now attempting a recovery wave. There was a move toward the 23.6% Fib retracement level of the downward move from the $2.525 swing high to the $2.025 low. The price is now trading below $2.150 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.140 level. There is also a bearish trend line forming with resistance at $2.150 on the hourly chart of the XRP/USD pair. The first major resistance is near the $2.20 level. A close above $2.20 could send the price to $2.250. The next hurdle sits at $2.2750 or the 50% Fib retracement level of the downward move from the $2.525 swing high to the $2.025 low. A clear move above the $2.2750 resistance might send the price toward the $2.320 resistance. Any more gains might send the price toward the $2.350 resistance. The next major hurdle for the bulls might be near $2.420. Another Drop? If XRP fails to clear the $2.150 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.050 level. The next major support is near the $2.020 level. If there is a downside break and a close below the $2.020 level, the price might continue to decline toward $1.9650. The next major support sits near the $1.920 zone, below which the price could continue lower toward $1.880. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $2.050 and $2.020. Major Resistance Levels – $2.150 and $2.250.