XRP/USD end the trading week at 1.1921 and continue to move within the growth and bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of the cryptocurrency growth from the current levels. At the moment, we should expect an attempt to develop a correction and a test of the support area near 1.1705. Where can we expect a rebound again and a continuation of the rise of the cryptocurrency to the area above the level of 1.8855.
Cryptocurrency XRP Forecast November 15 — 19, 2021
An additional signal in favor of the growth of XRP quotes in the current trading week November 15 — 19, 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 area of 0.8055. This will indicate a breakdown of the support area and a continued fall in XRP/USD quotes with a target below 0.6505. Confirmation of the growth of the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the 1.4255 area.
Cryptocurrency XRP Forecast November 15 — 19, 2021 suggests an attempt to test the support level near the 1.1705 area. Where can we expect the continued growth of quotations with a potential target at the level of 1.8855. 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 area of 0.8055. This will indicate a continued decline with a target below 0.6505.
XRP Whales Are Moving $24 Million Worth of Tokens from Exchanges Amid 6% Rally
XRP whales are continuously moving their funds away from exchanges amid accelerated cryptocurrency market rally
Following the recovery on the cryptocurrency market, XRP whales are joining the global outflows trend and moving their funds away from centralized exchanges like Bithumb and FTX.
Transactions on chain
According to the Whale Alert transaction tracker, two transactions have appeared on the XRP blockchain: the latest transaction was made from the FTX exchange to an unknown wallet and was worth $14 million XRP coins. The first transaction appeared one hour before the FTX withdrawal and was worth $10 million.
According to data from the tracker, the Bithumb wallet transaction is being made to another wallet labeled with the exchange’s name. It’s most likely tied to the fact that in order to withdraw funds, Bithumb uses multiple hot wallets rather than one large address.
The FTX transaction, on the other hand, is being made to the wallet of a completely different HitBTC exchange. The wallet of the exchange holds 26 million XRP and is most likely being used as another hot wallet for placing orders.
XRP short-term rally
Both transactions have been made during the short-term rally present on the XRP trading pairs. Currently, Ripple is trading in a short uptrend and remains at 6% growth since the last week.
Ripple was one of the victims of the global cryptocurrency market correction that led to the retrace of all the major cryptocurrencies, including Bitcoin and the larger altcoins. After a recovery on most of the traditional markets, the cryptocurrency market followed with an average 10% recovery.
XRP Price Attempting to Get Back In Track, Is Now A Double-Digit Figure Target In Place?
Ever since the Ripple has fallen into a legal well against SEC, XRP price appears to have been more strong and more independent. Woefully, the asset went inversely parabolic to yet again hit the lower support levels. Moreover, the asset plunged below this support level that initially pointed out towards a bearish trend. Yet a quick reversal and consolidation assisted the price and prevented further plunge.
The asset that remained much passive for a pretty long time, jumped out of consolidation and registered a huge spike in the trading volume. After a prolonged downtrend, XRP price initiated with a flip that could march the asset towards its next resistance very soon.
The asset was pretty much close to its immediate resistance levels around $1.2, yet the past week slump trembled the plot. The XRP price declined below $1 amid the plunge that the asset is trying hard to regain. However, it is mandatory for the price to not only range beyond $1 but also surpasses the resistance levels at $1.2. And hence a substantial uptrend may be confirmed.
Yet this may not point out towards the resumption of a bull run as the barrier still reside close to $1.4 to $1.5 levels. And a successful breach through these levels should pave way for the asset to range above $2. Conversely, the RSI in long term manifested a downtrend which may flip any moment and begin with the uptrend soon.
XRP price on edge of cliff as Ripple faces imminent collapse
- XRP price falls below key Ichimoku levels on the weekly chart.
- Key oscillator divergence may hint at near-term support.
- The threat of a 34% drop, however, remains likely.
XRP price followed the rest of the cryptocurrency market lower over the weekend. The US Thanksgiving holiday gave cryptocurrency traders and investors some early Black Friday deals, but downside risks remain.
XRP price drops below weekly Ichimoku Cloud, threatening flash crash conditions
XRP price completed the most bearish weekly candlestick close within the Ichimoku system since the week of February 28th, 2020, last week.. The candlestick closed below its final Ichimoku support level, the Kijun-Sen ($0.957). XRP now has very little support structure remaining and will now rely on the Chikou Span as its final hope of support.
The saving grace for XRP bulls is where the Chikou Span is positioned. For an Ideal Bearish Ichimoku Breakout entry to occur, the Chikou Span must be below the bodies of the candlesticks and in open space. Open space is a condition where the Chikou Span won’t intercept the body of any candlesticks horizontally over the next five to ten periods. For the open space condition to be accurate, XRP price would need to close at or below $0.59.
Some bullish warning signals are flashing, however, and could trigger some covering by short-sellers. Currently, XRP price has bounced off the 38.2% Fibonacci retracement at $0.84 to return above the Kijun-Sen. Another factor contributing to the bounce is the Chikou Span moving above the body of the candlesticks for the first time since the August 13th weekly candlestick.
XRP/USDT Weekly Ichimoku Chart
There is an almost imperceptible hidden bullish divergence between the candlestick chart and the Composite Index. Hidden bullish divergence is when an oscillator creates lower lows while the price chart creates higher lows. Only valid if the prior trend was up – hidden bullish divergence is an early indicator that the prior uptrend will continue. Contributing further to some near-term support is the Relative Strength Index holding the oversold levels of 50 and 40 as support.
Bulls ultimately need XRP price to close at or above the $1.18 level to establish a clear and renewed bull market.