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Trader Who Called Latest Bitcoin Correction Says XRP Is One Resistance Away From Rallying to New All-Time High

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A popular crypto strategist and trader is highlighting a crucial resistance area for XRP that it must take out to clear the way for a new all-time high.

Pseudonymous crypto analyst Credible tells his 263,300 followers that XRP is currently taking it one level at a time and should see clear skies to new all-time highs (ATH) once it breaches a high timeframe (HTF) resistance.

“Once we manage to clear $1.70 on HTF, we are going to absolutely take off targeting new ATH… You can see here why this region, in general, is so significant.”

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Source: Credible/Twitter

According the Credible’s chart, the area between $1.50 – $1.70 was the point of breakdown in May, which ignited a multi-month bear trend for the seventh-largest crypto asset until it bottomed out in July.

Looking at Bitcoin, Credible says that BTC is primed for a short-term bounce after retesting support around $62,000.

“[BTC] decided to take the lows first. Let’s run it back to $66,000 = now. Note that while BTC made a local lower low here, most alts did NOT. This is a good sign.”

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Source: Credible/Twitter

On November 8th, when Bitcoin rallied above $67,000, Credible predicted the rally would fall short and BTC would go through a short-term pullback.

The crypto strategist is also looking at Hedera Hashgraph (HBAR), which is a public network for peer-to-peer payments. According to Credible, HBAR looks bullish after climbing above a critical level.

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“Ladies, gents, and HBAR-barians, we just got our first confirmed daily close above the supply zone that I was referring to below ($0.42). Buckle up. Your patience is about to be handsomely rewarded.”

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Source: Credible/Twitter

Credible also says most altcoins look bullish despite the recent across-the-board correction.

“Downside limited from current levels. Most alts took big hits but ultimately were retesting key breakout levels and have maintained their bullish structure, leaving long [liquidation] wicks in their wake. This was just a shakeout and most of the damage is done in my opinion.”

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XRP Forecast and Analysis December 3, 2021

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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

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.

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XRP Price Prediction: Ripple Price Could Drop 14% To $0.8405

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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.

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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

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XRP price daily 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.

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XRP Whale Withdraws 150 Million Coins from Binance

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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.

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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.

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XRP Daily Chart
Source: TradingView 

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.

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