CryptocurrencyNewsPrice AnalysisRipple (XRP)

Ripple (XRP) Prints Bear Trap, Anticipating a Climb to $1

  • XRP tests the support by the ascending trend-line for the 2nd week.
  • Bears are attempting to halt the uptrend, but the multiple optimistic predictions for the coming year maintain the upward outlook.
  • For now, XRP highlights a bear-trap that can trigger an upward move towards $1.

Ripple price remains on the back seat, but bullish gestures emerge from every angle. Meanwhile, the ascending trend-line maintains for a 2nd week, confirming bulls’ presence in the buying momentum. Also, December’s monthly S1 support at $0.80 support the same. Expect Ripple bulls to step up in the coming week, eyeing a move towards $1.0.

The Active Pennant Can Offer 40% Returns

XRP price has suffered challenges containing losses amid the December crash. The sharp decline by Bitcoin saw XRP dropping more than 44% of value. With that, the remittance coin broke the ascending trend-line, moving lower to the support level of $0.60.

For now, the uptrend remains intact as bears crash teeth at this trend-line, which makes a ‘bear trap’ for another consecutive week.

📰 Also read:  dYdX Announces Layoffs a Day After Consensys Sent Home 20% of Its Employees

Expect bullishness to join the XRP market in the upcoming week as bulls rewash bears out of short position. The cross-border transaction crypto may return to 200-day Simple Moving Average at $0.95, with a potential rise to 55-day SMA near $1.05. Any further upward move seems limited at the moment as the red plus 2nd green trend lines are incoming, possible with current tailwinds. However, Ripple would lead to 40% gains around the $1.10 mark.

The crypto market should sustain more bullishness during the weekend for Ripple to prevent a break under the first ascending trend-line. Another sell-off at this mark will mean a massive crash. With that, it will form a double bottom with support near $0.59.

Nevertheless, the crypto industry sustains bearishness following the early December price crash. Positive sentiments are essential for XRP to keep its uptrends. Meanwhile, experts believe the current price drops form a base for massive upswings in 2022.

Also, the Ripple Labs executive highlighted that the SEC vs. Ripple lawsuit might end in the coming year. That would add more tailwinds to Ripple’s price.

📰 Also read:  Moo Deng Meme Coin Surges 120% Following Binance Listing

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Tether Moves $2 Billion USDT to Ethereum for Better Liquidity Management

James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content