Ripple (XRP) Bulls Shield Uptrend, Pushing for $1

Briefly –

  • XRP price receives support around a crucial level to keep its uptrends.
  • The RSI moves away from the oversold region, confirming a bullish sign.
  • Market players can expect recovery this week amid improved market sentiments.

XRP price remained stuck within a pennant or wedge formation since the past week, registering higher lows and lower highs. That had the remittance coin consolidation towards a breakout. The positive sentiment in the global markets might see the breakout unfolding today.

The positive mode in the market appears to push equities towards profit, and analysts see that catalyzing upsurge in the crypto space. As investors increasingly invest in XRP coins, market participants could expect the coin to surge towards $1.0. Ripple can gain 20% before the weekend.

Ripple Buying Volume Increases as RSI Moves Higher

Ripple has its price breaking out of the consolidation phase in all directions. However, bears might encounter surprises as some elements seem to turn against them today morning, clearing the road for a bullish reaction that might dominate XRP throughout the week. That way, the digital coin can rise to $1.0 again. The driver behind this is the vital support held during the weekend ($0.78). The bulls had to defend this level to keep the bullish trend intact.

For now, XRP price awaits the spillover impact from equities as they trade firmly in green during the European session on Monday morning. That has formed a tailwind that may convince market players to continue with risk-on trades. That would lift buying volume, translating to a higher break for XRP, exploring price zones of $0.88. From here, a surge to $0.95 might encounter resistance and stall when meeting the 200-day SMA while triggering profit-booking as of 9 December.

If the RSI keeps climbing high amid increased buying volume, market participants can expect XRP recovery. Moreover, the equities tailwind will propel the cross-border transaction crypto higher. These developments can push XRP toward $0.99 and $1.05 before this weekend.

Meanwhile, the tailwinds can fade quickly if central banks bang markets with rate hikes and aggressive tones. That would mean headwinds and a crash in equity indices and digital coins. That might see Ripple breaking lower to $0.78 before testing $0.62.

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