Technical Analysis for XRPUSD for 6th December 2021
Ripple Bulls Squeezed, XRP Might Dump to $0.60
Past Performance of XRP
The Ripple price is on a sinker, a reflection of the overall state of the crypto market.
With XRP bulls on the receiving end, sellers are in control. If anything, a definite trend has been set and XRP prices are capped below $1. Therefore, it looks like XRPUSDT may drop further in the days ahead.
What to Expect of XRP
XRPUSDT is trending below two primary levels of support—now resistance.
Sharp losses posted over the weekend saw XRP prices tank below $1—a psychological round number—and $0.85—an important support—now resistance line—marking highs of 2018.
Accompanying losses of December 4 were with record trading volumes signaling strength in the break below.
As a result, the downtrend will likely continue. Therefore, every high below $1 may offer entries for aggressive sellers to liquidate, targeting last week's low of around $0.60.
Ripple Technical Analysis
The short-term trajectory has been set following the 34 percent drop of December 4.
XRP bear bars are banding along the lower BB, pointing to intense selling pressure.
Risk-on short traders may unload on pullbacks since the accompanying momentum is high and powered by high trading volumes in a high volatility environment.
Already, the skew is bearish because buyers have been unable to unwind losses of December 4, placing them squarely in command.
Therefore, an unexpected surge above $1 would reverse this preview. As it is, XRP bears have their sight at $0.60—December 4 lows.
Resistance level to watch: $1
Support level to watch: $0.60
Disclaimer: Opinions expressed are not investment advice. Do your research.
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