Price Analysis

XRP Price Above $1, Has The Bull Run Began Or It’s Just A Fake-Out?

Written by: Sahana Vibhute

December 1, 2021

The sudden trend reversal in the crypto space has led the space on fire. XRP price slides heavily below $1 during the recent sell-offs. Since then it was trying hard to regain its positions above $1. Amid the recent surge, the asset barged through the consolidation and range above these levels. However, the asset appears to be pretty sure of the upcoming spike as its replicating a similar pattern.

Despite the asset attaining decent levels above $1, yet the fear of a notable plunge still hovers over the platform. As XRP price is yet to test the upper and a strong resistance levels around $1.1. The asset flipped the bearish divergence with a 12% surge, yet is currently consolidating below the resistance levels. And hence the bears may not be completely quashed amid the uptrend. 

The consolidation just below the trend line may signify an accumulation ahead of the next leg up.  The asset may range in a narrow range for another couple of days further before it reignites a rally beyond $1.2 resistance levels. No doubt the price failed to bounce from the trend line, yet also rejected the continued bearish trend. The asset can quickly enter the ascending channel and also break through the resistance levels very soon. 

On the other hand, the Ripple community is quite optimistic about the updates from the lawsuit against SEC. While the agency is not able to prove Ripple completely wrong, the judgment is expected to go in favor of the company. This may provide a huge boost for the XRP price that may range as high as $1.5 in the short term and head above the yearly highs to go beyond $2.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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