Price Analysis

XRP Price Awaits a Major Push To $1! Here’s What Traders Can Expect

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Dec 7, 2021

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The price of XRP has been steadily declining since it was rejected by the $1 resistance, which was compounded by the market fall on Saturday. Despite this severe decline, XRP’s price behavior suggests that the bulk of the correction may be nearing its conclusion.

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As bulls maintain a major support level, producing a reversal pattern, XRP price shows hints of a protracted rebound. This development may cause Ripple to accelerate its approach to big resistance obstacles. The support at 0.85 was converted into resistance. At the time of writing, XRP is up by 4.52 percent and is trading at 0.83.

XRP Price Analysis

XRP price soared during the day when the $0.85 support proved insufficient. XRP/USD consolidated overnight, indicating that a move to the negative is likely in the near future.

The XRP price recovered over the $0.80 resistance during the weekend, reaching a local high of $0.864. On Sunday, the pair was unable to retain the high zone and retreated to the blue level of $0.80 in search of support.

XRP

The first significant resistance level at $0.8563, Ripple’s XRP would have to avoid the $0.8034 pivot. Ripple’s XRP, on the other hand, would require support to return to $0.85 levels. The first big resistance level would likely cap the gains unless there was a protracted crypto rally.

Before any retracement, Ripple’s XRP might test resistance at $0.90 in the event of a broad-based crypto advance. $0.8840 is the second big resistance level.

If the price falls below the pivot at $0.8034, the first major support level at $0.7757 will be tested. Ripple’s XRP, on the other hand, should continue to avoid sub-$0.75 levels unless there is another lengthy sell-off. $0.7229 is the second significant support level.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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