The entire crypto space has been exhibiting the ebb and flows attribute since the start of incredible Q4. Post the intense run of primary coins, it appears profits have begun to swell across several altcoins. Notably, Solana, Polkadot, Cardano have been gearing up to encompass the third place. However, Ripple (XRP) price awaiting patiently to knock out other altcoins from the race.
Ripple’s (XRP) price has managed to uphold the decent positive momentum since the start of Q4. The ongoing regulatory lawsuit hasn’t pulled back the price action heavily, despite the platform making use of the opportunity to achieve solid groundwork to become a future masterpiece.
Analyst Predicts Ripple (XRP) Price To Skyrocket!
The latest nurturing growth happening across the platform has endorsed the price momentum over the past few weeks. It’s time to stop listening to widespread conjectures, and pay close attention to chart patterns. Crypto analyst Jaydee_757 has shared interesting analytics of probable XRP price action in the near term.
The chart shown by him confirmed the genesis of the bullish pennant pattern, which signals that sellers could form support at the bottom and later price reversal to higher highs. The chart has recalled the historical events prior to the XRP price bull run. In 2017, after Stoch RSI crosses above 20, has uplifted the price momentum by 74x reaching $0.287 from $0.00568. Further increase in Stock RSI above 40 has risen the price by 14x from $0.20 to $2.19.
However, whenever the Stochastic was well above 20 followed by the bullish pennant pattern XRP price has recorded new highs. The same pattern appears to reiterate, as the altcoin is on the verge of breaking out from a bullish pennant pattern.
In addition, the analyst has mentioned potential entry and exit points, he expects a price level between $0.50 and $0.83 as the best opportunity to hold for the long term. Sell-targets would be $8.92 corresponding to 2.6187 Fib and 14.28 corresponding to the 4.618 Fib level.
Collectively, as the lawsuit running against Ripple has the strong potential to turn in favor of it, the XRP price could reach higher highs. On the other hand, the institutional inflow has soared to $54 million years to date despite widespread FUD.
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.
XRP Whale Moved $20 Million Coins Away from Exchange
XRP whale moves large funds volume in few hours amid global cryptocurrency market correction.
While the trading activity on the market plunges after a 10% correction, some whales have decided to move their XRP holdings away from various exchanges, which is considered a good signal for holders.
The set of similar transactions
According to the blockchain data, the anonymous wallet has moved approximately $20 million worth of XRP coins from Bitstamp exchange to the unknown wallet. The future of those coins remains undisclosed.
The wallet that received approximately 20 million coins is now holding a total of 51 million XRP. Previously, the same wallet moved to Bitstamp the same amount of coins but divided it into two transactions each worth 10 million coins.
The unknown wallet does seem to move large amounts of funds to the exchange and then withdraw almost the exact same amount of funds back. Some users suggested that the wallets are being used in a mixing scheme, which is considered illegal.
But the more likely outcome is that the wallet is officially tied to the Bitstamp exchange and is being used to either provide liquidity or as an exchange’s cold wallet. But at the same time, all wallets that are owned by exchanges should be labeled.
XRP’s performance during market dip
In comparison with other market performers, XRP followed the general trend by losing 10% of its value while recovering approximately 2% today. The more unfortunate fact for holders is that Ripple broke the two-month trend by dropping below the $1 mark. At press time, XRP is trading at $0.95.
XRP holds key support while indicators point to short-term recovery
- Ripple started a recovery wave above a key support level of $1.024.
- XRP price started an upside correction as indicators suggest a short-term recovery.
- The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.
XRP is in the process of forming a triple bottom price pattern boding more upside, for the pair priced against the US dollar., XRP price recently found support at the pattern’s base during the formation of the third bottom. Now, Ripple is at a crossroads – a spike in selling pressure may drive a bearish breakout, whilst technical indicators signal a bullish reversal. It all depends on whether or not a critical support level holds.
XRP rejected above the triple bottom at $1
XRP has found support above $1.024 and started a bullish recovery similar to peer altcoins. The XRP price has found footing at the $1.024 level for the third time making it a triple bottom pattern.
If there is increased demand at the current price level it will push the XRP price towards its double top level at $1.108. However, the 20 and 50-period exponential moving averages may act as minor hurdles at $1.076 and $1.108.
The MACD has closed the first histogram above the 0 mark, indicating a bullish reversal. While the RSI is still holding at 44, a crossover above 50 may encourage investors to go long. In that case, the XRP price might spike towards $1.165. Additional gains could lift the price towards the next key hurdles at $1.218 or $1.284
XRP 12-hourly chart – Triple bottom to drive uptrend
If XRP disappoints to start a new spike above the $1.081 level, it could extend losses. Initial support on the downside is near the $1.024 level.
The upward trend that started on September 21 also extends to significant support at the $1.024 mark. Therefore, a break below the $1.024 support level might push the price further down. The next critical support level is near $0.963, below which the price may fall to the $0.888 level.