- XRP price is hovering below the 50% Fibonacci retracement level at $1.24.
- A decisive close above this resistance level will likely trigger a 25% ascent to $1.54.
- If Ripple bears produce a lower low below $1, it will invalidate the bullish thesis.
XRP price has been hovering below a crucial barrier for more than two months and shows signs that it is planning to move past it. This move will require strength from buyers and could trigger a quick run-up to significant levels.
XRP price fumbles
XRP price is struggling as it encounters the 50% Fibonacci retracement level at $1.24. The remittance token has been below this level for more than two months. While the recent run-up produced a close above this hurdle, the retest failed and led to a dip back below it. Therefore, it is uncertain where the XRP price will head next.
A daily close above $1.24, followed by a retest of the same barrier will confirm a successful breakout. Such a move will see XRP price rally to retest the next significant levels at $1.42 and $1.54, coinciding with the 62% and 70.5% Fibonacci retracement levels.
The move from $1.24 to $1.54 would constitute a 25% ascent. However, in a highly bullish case, XRP price could extend this run-up to tag the $1.66 ceiling.
XRP/USDT 1-day chart
While things are looking uncertain for XRP price, a failure to shatter $1.24 will indicate that the buyers are not ready yet. This development could trigger a 14% correction to $1, where the remittance token could give the upswing another go.
A daily close below this, however, would produce a lower low and invalidate the bullish thesis for XRP price.
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.