The new week opened with a bear crunch as the cryptocurrency market saw almost all of its September gains being wiped off. As Bitcoin plummeted on Monday, the altcoin market followed suit. XRP was one of the biggest losers on the charts with the cryptocurrency dropping to 7th place.
At press time, XRP was trading for $0.91 after a 13.6 percent dip ripped through the market. The double-digit gains were also reflected in the 13.8 percent weekly price dip. XRP’s price action was similar to a lot of other alts which witnessed vertical crashes. The wipeout caused the market cap to fall to $42.5 billion, a significant 8 billion lower than Binance Coin.
XRP 1 hour:
XRP’s immediate support fell to 0.91 after maintaining a steady price action for the past 14-days. The avalanche was triggered by the formation of two massive red candles following which the support stood no chance.
Bollinger bands: The lower Bollinger band crashed towards the bottom of the graph as the cloud opened up. Losing the price hold can lead to further crunches in the market share.
Relative Strength Index: The RSI fell below the oversold zone, a sign of the depleting number of HODLers. According to the indicator, a large sell-off occurred right as the price broke immediate support.
Chaikin Money Flow: Understandably, the CMF curved below the zero lines. This meant that the capital leaving the XRP marker had overtaken the influx.
XRP 1 day:
Long-term support was still holding the level formed in August. The $0.52 level was not under threat yet, even as the last red candle loomed ominously.
Relative Strength Index: Just like in the hourly charts, XRP’s level fell towards the oversold zone. This was in stark contrast to the highs achieved in August.
Chaikin Money Flow: The sharp decrease only added to the bearish environment as the capital was also reduced. A large push of new investors was now required to prop the graph back up.
Bollinger bands: The two bands diverged from one another as the Bollinger cloud held the potential for more growth. Currently, the latest red candle was en route falling out of the cloud.
XRP Forecast and Analysis December 3, 2021
XRP/USD are trading at 0.9647 and continue to move as part of the correction and the formation of the ”Triangle” pattern. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $45,790,736,775. Moving averages indicate a short-term bearish trend for Ripple. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the XRP rate decline in the market already from current levels. At the moment, we should expect an attempt to develop asset growth and test the resistance level near the area of 1.0005. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.8005.
XRP Forecast and Analysis December 3, 2021
In favor of falling XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of a decline in asset quotes will be a rebound from the upper border of the ”Triangle” model. Cancellation of the option of falling cryptocurrency will be a strong rise and closing of quotations above the level of 1.1305. This will indicate a breakdown of the resistance area and continued growth of XRP/USD to the area above the level of 1.2155. Confirmation of the fall in the digital currency rate will be the breakdown of the support area and the closing of prices below 0.9005, which will indicate a breakdown of the lower border of the ”Triangle” model.
XRP Forecast and Analysis December 3, 2021 implies an attempt to test the resistance level near the 1.0005 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.8005. An additional signal in favor of a decline in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to drop quotations will be a strong growth and a breakdown of the 1.1305 area. In this case, we should expect a continuation of the rise in the digital currency with a target above 1.2155.
XRP Price Prediction: Ripple Price Could Drop 14% To $0.8405
XRP price dropped below the $1.0 psychological level on November 26, unravelling a possible bearish forecast. This provided a buying opportunity for investors who bought the dip, but the uptrend hit a wall and got stopped by the upper boundary of the descending parallel channel. This chart pattern continues to govern XRP’s price action pointing to further losses.
XRP Price Bears Contemplate A 14% Decline To $0.8405
Ripple price fell below the $1.0 psychological level on November 26, paving the way for further losses. The bulls of the international remittances token attempted to undo the losses in four straight bullish sessions between November 27 and 30, but their efforts were curtailed by resistance from the upper boundary of the governing chart pattern.
XRP price is trading at upper boundary of the descending parallel channel around $0.9787 as seen on the daily chart. A descending parallel channel is a significantly bearish chart pattern that suggests a continued bearish leg as long as the price of an asset remains within the confines of the falling channel.
If Ripple price fails to rise above the falling channel, it may drop towards the middle boundary of the channel at $0.9094. A further drop past this level could see XRP/USD drop to tag the lower boundary of the channel at $0.8425, a 14% drop from the current price.
The down-sloping moving averages and the position of the Relative Strength Index (RSI) indicator at 38.97 close to the oversold region suggest that Ripple is firmly in the hands of the bears, accentuating this bearish outlook.
XRP/USD Daily Chart Live Chart
On the upside, the bearish thesis could be invalidated if XRP price overcomes the immediate resistance at $0.9844 embraced by the upper boundary of the governing channel. If this happens, XRP price may potentially undo the losses that began on November 08 by breaking out to regain the $1.00 level.
A movement further up could take Ripple towards the $1.09 level where the 50 and 100-day SMAs coincide.
XRP Whale Withdraws 150 Million Coins from Binance
Another XRP whale moves his or her funds from the exchange, now storing $150 million in a private wallet
The transaction made only a few hours ago was one of the largest non-exchange transactions made on the XRP blockchain in the last few months, according to Whale Alert.
The $150 million transaction
According to the transaction page, an anonymous whale has moved 150 million XRP coins worth approximately $150 million from Binance exchange to an unknown wallet that is currently holding 150 million coins.
Previously, the same wallet has been making small, insignificant transactions to various exchanges worth approximately $20-$30. The first large transaction has been made.
After receiving significant funds, the wallet spent approximately 100,000 coins by transferring them to UpBit exchange. The purpose behind such unusual funds redistribution remains undisclosed.
Ripple’s price action
Ripple’s price does not seem to consider major funds moving in a market with the price continuously moving in the same trend. The asset has broken the four-day uptrend by dropping below $0.98.
XRP was one of many victims of the global cryptocurrency market correction that took place on the market due to a rise of risk-off tendencies after the aggravation of the pandemic all over the world.
Previously, U.Today reported that numerous whales have made large transactions from various centralized exchanges back to their wallets. Such a trend is tied to overall outflows tendencies on the cryptocurrency market.
At press time, XRP is trading at $0.97 while losing 1.2% of its value. The price of the asset gained 6.2% in the previous local uptrend.