- XRP price has set sights on an 18% bounce following over a week of consolidation.
- The September 29 rally of over 12% was unsustained, but Ripple bulls are not done yet.
- However, only a daily close above $0.95 could see XRP climb toward $1.11
XRP price has sliced above a critical resistance line and is now awaiting an 18% ascent. Ripple needs to close above $0.95 for the bullish momentum to be sustained and its rally toward $1.11 to remain on the radar.
XRP bulls await confirmation
XRP price has quietly burst through the upper boundary of the symmetrical triangle pattern seen on the 12-hour chart. The prevailing chart pattern suggested that Ripple investors were indecisive. However, slicing above the resistance level at $0.95 opened up the possibility of the measured target of an 18% upswing for the token.
The cross-border remittance coin rallied 12% on September 29, although the bears eventually pushed prices lower as Ripple closed below the topside trend line of the governing technical pattern.
In an attempt to press on with the bullish momentum, the buyers are now seeing a slight struggle at $0.95, as this level remains to be a tough nut to crack. Until XRP price is able to slash through this resistance, the bears may continue to have the upper hand.
A daily close above $0.95 could incentivize the bulls to lift prices higher. The next obstacle for XRP price emerges at the 27.2% Fibonacci retracement level at $1.01. Securing a foothold above this price point may see Ripple head toward the 50 twelve-hour Simple Moving Average (SMA), which acts as its next hurdle.
An additional roadblock may appear at the 38.2% Fibonacci retracement level at $1.07 before Ripple is able to tag its optimistic measured target at $1.11, which coincides with the 100 twelve-hour SMA. Further bullish aspirations may see XRP price aim for the 50% Fibonacci retracement level, where the September 9 high sits.
XRP/USDT 12-hour chart
However, investors should be aware of the slightly heightened selling pressure Ripple is facing, which may hinder the asset’s potential rally. The Arms Index (TRIN), which gauges the token’s market sentiment, suggests that there are more sell orders than buy orders in the market.
If the uptrend for XRP price retreats, Ripple may discover immediate support at the downside trend line of the triangle at $0.88, corresponding to the 200 twelve-hour SMA. Should further selling pressure arise, which pushes the token below this foothold, additional lines of defense may emerge at $0.87 and $0.84, the August 11 low and August 8 high, respectively.
XRP Forecast November 29 — December 3, 2021
XRP/USD end the trading week at 0.9427 and continue to move within the correction and the bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the growth of the cryptocurrency from the current levels. At the moment, we should expect an attempt to develop a correction and a test of the support area near 0.7455. Where can we expect a rebound again and a continuation of the rise of the cryptocurrency to the area above the level of 1.4205.
XRP Forecast November 29 — December 3, 2021
An additional signal in favor of the growth of XRP quotes in the current trading week November 29 — December 3, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Ripple cryptocurrency will be a fall in prices and a breakdown of the 0.6855 area. This will indicate a breakdown of the support area and a continued fall in XRP/USD quotes with a target below the level of 0.6055. Confirmation of the growth of the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the 1.2205 area.
XRP Forecast November 29 — December 3, 2021 suggests an attempt to test the support level near the 0.7455 area. Where can we expect the continued growth of quotations with a potential target at the level of 1.4205. An additional signal in favor of a rise in XRP value will be a test of the trend line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be the breakdown of the 0.6855 area. This will indicate a continued decline with a target below 0.6055.
Ripple To Deploy Climate Friendly National Digital Currency In Partnership With Palau
With the increase in the adoption of digital assets across several mainstreams, some countries are strategizing on moving with the flow.
Hence, most countries across the globe are working and experimenting on developing a national digital currency that they can link with their fiat currencies. This is the primary reason for collaboration between the Republic of Palau and Ripple’s digital payment network.
Through the partnership, Ripple will assist the Pacific Island country in developing its national digital currency. The initiation ensures that the digital currency is USD-backed and will support Palau’s payments across borders.
In addition, Ripple announced that it would produce a national stablecoin within the first half of next year through the partnership. This will stand as the first of its kind globally with government backing.
Furthermore, Ripple indicated that the national digital currency for Palau might not be a Central Bank Digital Currency (CBDC). The digital payment network explained that its support to Palau cuts across design, business, policy, and technology.
It talked about the influence of exploring a USD-backed stablecoin and its use cases on the XRP Ledger. It mentioned that such an application would give a preferable substitute to CBDCs for a nation like Palau.
On his part, President Suangel Whipps Jr. of Palau confirmed that the citizens receive increased financial access through the national digital currency.
Commitment Of Ripple To Climatic Considerations
Furthermore, Palau as an island is prone to impacts from climatic changes. Also, this is another reason for the partnership with Ripple. The network explained that XRP Ledger is carbon-neutral and conserves energy more by 120,000 times than Proof-of-Work blockchains.
Ripple’s VP of Central Bank Engagements, James Wallis, disclosed their excitement with the collaboration with Palau in handling both the financial and climatic issues. He said it offers them the opportunity of displaying their experience and technology within Palau’s unique attributes. Hence they will effect a real impact on both the economic and social aspects of the country.
The place of Ripple within environmental and climatic influences is beyond that of a newbie. This year, in February, the network announced its aim of being carbon net-zero by 2030. The move involves using the EW Zero tool in turning XRP carbon net-zero.
As an Energy Wen open source solution, EW Zero will enable developers to buy tokenized renewables that will empower them to be carbon net-neutral.
Additionally, Ripple piloted the fundraising project of about $44 million for Nelnet Renewable Energy, a fintech provider. This project was for the funding of conscious environmental campaigns within the United States.
The payment network still manages its case with the SEC concerning whether the XRP tokens in 2013 were unregistered securities. However, according to Brad Garlinghouse, the issue has progressively gone pretty well and will end in 2022.
Ripple Price Prediction: Bears Contemplate A 9% Decline As XRP Drops Below $1
Ripple price dropped below the $1.0 psychological level on November 26, unravelling a possible bearish forecast. The descending parallel channel chart pattern suggests that Ripple could see a 9% drop. To invalidate the pessimistic outlook, XRP would need to overcome the 200-day SMA resistance.
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 are struggling to keep their heads above the water as overhead pressure mounts.
Ripple Price Could Drop To $0.8708
XRP price is trading at middle boundary of the descending parallel channel around $0.9545 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.
For XRP, the descending channel chart pattern points to a 9% downswing from the current price to tag the lower boundary of the channel at $0.8708.
The down-sloping moving averages and the position of the Relative Strength Index (RSI) indicator at 36.06 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 $0.9753 embraced by the 200-day Simple Moving Average (SMA). If this happens, Ripple price may potentially unto the losses that began on November 08 by breaking out above the upper boundary of the prevailing chart pattern at $1.0513.
However, any movement further could be inhibited by stiff resistance from $1.1056 and $1.1157 where the 100- and 50-day SMAs lie respectively.
Ripple bulls would need support from the wider market to overcome these hurdles which may see the XRP price pushed higher towards the peak of the descending parallel channel at $1.3542.