- Bitcoin price loses directional bias as it revisits the $60,000 support floor.
- Ethereum price follows suit and comes close to retesting the $4,000 psychological level.
- Ripple price anticipates a bounce from the $1.01 to $0.96 support area.
Bitcoin price is in a suspended state as it grapples with a crucial psychological level. A make-or-break situation develops for altcoins as Ethereum and Ripple follow suit.
Bitcoin price attempts to reestablish a bias
Bitcoin price has dropped 15% since setting up a new all-time high at $69,000 on November 10. This drop has sliced through the $60,000 psychological level multiple times and is currently exploring the possibility of a further drop. The 1-day demand zone, ranging from $58,100 to $60,331, is the next crucial support that will decide the fate of the big crypto.
A successful bounce will indicate that the recent crash was just an unfortunate turn. In such a scenario, BTC will retest the $63,757 resistance barrier, followed by a move toward the all-time high with hopes of pushing higher to a new one.
Assuming the bullish momentum continues to increase, BTC is likely to head to the 161.8% Fibonacci extension level at $77,525.
BTC/USD 1-day chart
The above bullish narrative assumes that Bitcoin price will bounce off the $58,100 to $60,331 demand zone, however, a breakdown of this level will suggest that BTC could head into a liquidity area, ranging from $52,899 to $56,046.
Ethereum price in search of stable support
Ethereum price dropped 15% since November 15 and is currently hovering above the $4,000 psychological barrier. This downswing is a much-needed reset that allows buyers to book profits and sidelined investors an opportunity to jump on the bandwagon.
Market participants can expect ETH to rally to $4,500 in the short-term before it grapples with the all-time high at $4,875. A daily close above this barrier will allow ETH to retest the $5,000 psychological level.
In a highly bullish case, Ethereum price could also extend the run-up to the following meaningful levels at $5,500 and $6,000.
ETH/USD 1-day chart
Although Ethereum price failed to retest the $4,000 psychological level, a failure to move past the $4,500 level will indicate weakness and is likely to trigger a correction. If the resulting pullback produces a lower low below $4,000, it will invalidate the bullish thesis.
Ripple price could head lower
Ripple price has been in an uptrend for the last two months and has set up three higher highs and four lower lows. Connecting these swing points using trend lines results in an ascending parallel channel.
This technical formation forecasts a bearish breakout. Therefore, a daily close below $1.09 will indicate a breakout and suggest that the XRP price is likely to revisit the $1 psychological level. In a highly bearish case, it could find support on the $0.77 to $0.84 demand zone.
Unlike Bitcoin or Ethereum, Ripple price has been underperforming and could slide lower.
XRP/USD 1-day chart
On the other hand, if Ripple price manages to stay inside the channel’s lower trend line, it will indicate that a 14% upswing to revisit the 50% retracement level at $1.24 is likely. A daily close above the $1.41 resistance barrier will invalidate the bearish thesis.
Ripple Price Analysis: XRP spikes to $0.91, support found?
- Ripple price analysis is bullish for the rest of the day.
- XRP/USD saw heavy selling earlier today.
- Support found around $0.91.
Ripple price analysis is bullish today as a strong lower low has been set at $0.91, with buying pressure returning right now. Therefore, we expect bears to be exhausted, leading XRP/USD higher later today.
The market has seen strong selling pressure over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 6.07 and 7.1 percent, while Ripple (XRP) has lost almost 9 percent.
Ripple price movement in the last 24 hours: Ripple breaks $1.02 support, finds support at $0.91
XRP/USD traded in a range of $0.9367 – $1.06, indicating strong volatility over the last 24 hours. Trading volume has increased by 35.61 percent, totaling $4.27 billion, while the total market cap trades around $44.745 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP looks to reverse from $0.91
On the 4-hour chart, we can see slight rejection for further downside for the Ripple price as bears are exhausted after a strong selloff earlier today.
Ripple price has seen consolidation in an increasingly tighter range above $0.102 support over the past week. The $1.02 mark was initially reached on the 18th of November after a strong decline from the $1.35 previous major swing high.
Despite the $1.02 support holding, further lower lows were set over the week, slowly building up pressure in the market. Yesterday, another lower high was set at $1.06, leading to more downside overnight.
Ripple price continued lower to $1.02 when a sharp break lower was finally seen over the past hours. Currently, XRP/USD has found low around $0.91, likely leading to recovery over the next 24 hours.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as further downside currently gets rejected after a spike to $0.91 earlier today. Therefore, XRP/USD has likely found a new low, leading to a retracement over the next 24 hours.
While waiting for Ripple to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
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.
XRP price consolidates as Ripple bulls eye a 15% run-up
- XRP price is hovering above the $1.01 support level, anticipating a potential retest before an upswing originates.
- A breakdown of this level could lead to a buy opportunity at $0.98 before Ripple rallies to $1.17.
- A daily close below the $0.92 foothold will invalidate the bullish thesis.
XRP price has been on a downtrend for roughly two weeks and shows that a short-term reversal could be near. Market participants need to watch for two immediate support levels that are likely to facilitate this bullish outlook.
XRP price to pull a 180
XRP price has dropped roughly 23% since November 10 to where it currently trades – $1.04. The downswing is likely to retest the $1.01 support floor formed by the November 18 swing low. This will create a triple tap setup, suggesting that a short-term reversal in momentum is likely.
In this scenario, the XRP price could attempt to retest the 50% retracement level at $1.17. This run-up would constitute a 15% ascent from $1.01.
While this scenario makes sense, a breakdown of the $1.01 support floor will suggest that a further downswing is possible. However, this move does not invalidate the bullish thesis but provides investors with a buy opportunity at $0.98. Investors can expect a bounce off this level to propel XRP price to the same level as before at $1.17. This move would constitute a 19% climb.
XRP/USDT 4-hour chart
While things are looking up for the remittance token, a breakdown of the $0.98 support level will create a lower low and invalidate the bullish thesis. This move would also suggest a weakness in buying pressure and set the stage for further losses. In this situation, market participants can expect XRP price to drop by about 6% to $0.92.