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XRP Price Analysis for December 1

Thu, 12/01/2022 - 21:30
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Denys Serhiichuk
Has XRP returned to bearish cycle?
XRP Price Analysis for December 1
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Buyers could not hold the initiative for long as the rates of most of the coins are going down again.

Top 10 coins by CoinMarketCap

XRP/USD

XRP has joined the list of falling coins, declining by 1% since yesterday.

XRP/USD chart by TradingView

XRP is trying to hold above the local support level at $0.3976 formed by the false breakout. However, if buyers cannot fix above the $0.40 mark by the end of the day, the decline may lead to a decline to $0.3950 tomorrow.

XRP/USD chart by TradingView

On the daily chart, neither bulls nor bears are dominating at the moment. If buyers want to withstand sellers' pressure and keep the rise going, they need to restore the rate to the $0.4150 mark.

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Thus, the trading volume should grow in order to increase the chance of a possible upward move.

XRP/BTC chart by TradingView

The situation is bearish on the chart against Bitcoin (BTC), as the price is coming back to the support level at 0.00002313. If the bar closes near it, the accumulated energy might be enough for a decline to the 0.000022 zone.

XRP is trading at $0.3991 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.