XRP Price Prediction: Ripple bears try to attack $1

  • Ripple price action saw a bullish breakout after the consolidation on October 9. 
  • XRP price formed a bull trap with a false break above the green ascending trend line, trapping bulls. 
  • Bulls stepped in eagerly in XRP price action at $1.05 again, only to get trapped once more.

Ripple (XRP) price action is on net displaying a nice picture for the bulls at the moment. Bulls in XRP price got trapped twice in a bullish outbreak that started at the $1.05 entry point and twice saw rejection around the green ascending trend line. With a second failed breakout, bulls are not interested at $1.05 anymore and are giving bears some leeway to drop toward $1.

XRP price action offers room for bears, but bulls will make it in the end

XRP price action saw bulls licking their wounds after being hit twice by the same bull trap that got laid out by bears. Bulls entered at $1.05, which holds some historical importance and could ramp up price action in XRP quite quickly toward the longer-term green ascending trend line. Bulls saw a break above each time, however, get rejected and reversed by shorters who pushed them out of their positions. 

XRP price now has more room to go to the downside as bulls will not start another attempt at $1.05. This gives the bears in Ripple price action some room, but not that much . Price action in XRP looks limited to the downside with a blue descending trend line that already gave some support on October 9, and around $1 bulls can count on not only the significant psychological figure but also the 200-day Simple Moving Average (SMA) that has proven to be a supporting floor throughout October.

XRP/USD daily chart

XRP/USD daily chart

Expect XRP price action to fall in favor of the bulls once Ripple price reaches $1. Bulls have three easy reasons to pick up some XRP coins, and the price will pop back up towards $1.05 and $1.09. If XRP could enjoy some additional tailwinds, expect another leg higher with a retest and possibly break higher above the green ascending trend line. 

Should global markets stay heavy and on the back foot, expect bears to break $1 and look to test $0.84 to the downside, which was the low of September. Bears could try and test $0.78, but at that level, bulls will want to defend their entry points from August and XRP price action looks interesting at those discounts.



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bank of America bullish comments on metaverse push Axie Infinity and Sandbox closer to breakout

Bank of America's strategist made bullish remarks about the metaverse, triggering a spike in interest in Axie Infinity and Sandbox tokens. The rices of the two metaverse tokens continue climbing with increased interest from investors. 

More Axie Infinity News

Polkadot price ready to breakout after DOT forms double bottom

Polkadot price began turning around and moving higher on November 28. It is currently resting on support after a brief pull-back, with the potential for using this floor as a launchpad higher. A resumption of the bullish impulse will provide fresh confirmation for the new uptrend.

More Polkadot News

Bitcoin Weekly Forecast: The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

More Bitcoin News

Berkshire Hathaway’s Charlie Munger wants US to ban cryptos like China

Charlie Munger considers cryptocurrencies bad for people and backs China on its cryptocurrency ban.In his previous interviews, Munger has shed light on the concept of “speculative excess” and “asymmetry of wealth.” 

More Cryptocurrencies News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!