The Ripple price is trading within a narrow five cents range and inside Dec 2 bull bar. Although fundamentals are supportive of bulls, trend continuation is highly reliant on how prices trend in the next few weeks.
For now, visible caps are at $0.68 on the upside and the zone between $0.55 and $0.58 on the downside. These represent areas of support and resistance, respectively, in lower time frames. Still, traders should tread carefully despite supportive fundamentals.
Ripple (XRP) Price Overview
At the time of writing (Dec 3), the Ripple price is stable on the last day of trading. It is at breakeven week-to-date but bullish in the last month as per coin trackers.
In the immediate term, traders expect gains. However, as aforementioned, this will be dependent on how prices react at support and liquidation levels. For bulls to be in charge, prices must remain above $0.55.
Conversely, sharp gains above $0.68 on the upper side could be the launchpad for $0.78 or better in the medium term.
Ripple (XRP) Market Movers
Brad Garlinghouse, in an interview with Julia Chatterley of CNN, said Ripple stands to benefit from the Biden Administration. If the President-Elect re-focuses the United States towards Climate Change and reduction of Green House Gas emissions, energy-efficient and conserving projects stand to immensely gain.
Of the many, Ripple—which focuses on facilitating cheap and easy remittance and actively seeking partners in the banking sector, is energy efficient. Unlike Proof-of-Work networks like Bitcoin, all XRP coins are pre-mined. The majority are under Ripple. However, there is a plan to distribute the control of those coins and the nodes to third parties.
Thus far, Ripple has been successful in striking high profile partners to its RippleNet platform. Only but a dozen or more are using On-Demand Liquidity (ODL)–a solution reliant on XRP.
With XRP, ODL users can save funds—no pre-funding required, and transactions are instantaneously and cheaply settled.
From 2021, Asheesh Birla, the Senior Vice President of Product and Corporate development of Ripple, said they will aggressively expand the use of ODL. That means, XRP, the hub of the solution, stands to benefit.
Partners will buy XRP from the open market, not from Ripple since programmatic sales were stopped following complaints from XRP holders.
Ripple Price Prediction
The Ripple price is stable, trading within a bull flag.
Although Ripple buyers are bullish, the current state of consolidation and immediate term trajectory depends on whether bears or bulls will take charge.
Immediate caps are between $0.68 and $0.55, respectively.
A break above $0.68 signals trend continuation with immediate targets at $0.78—or Nov 24 highs, and possibly $1.12—the 161.8 percent Fibonacci extension level anchoring on H1 November trade range.
Notably, if there is a sharp break above $0.68, it will point to determined buyers. Prices are currently trending at around the 38.2 percent Fibonacci retracement level. Besides, trading volumes are decent.
Ideally, gains above $0.68 and in the immediate term $0.78, must be with high trading volumes surpassing those of Nov 24 (data from Bitfinex).
On the reverse side, losses below $0.55 may see the XRP price tumbling back to the middle BB and even to the support zone between $0.40 and $0.50. These levels mark off the 50 and 61.8 percent Fibonacci retracement levels of H1 2020, respectively.
Chart Courtesy of Trading View
Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.
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