XRP price prediction: The breakout in the market since last week seems to have sidelined the most prominent cross-border money remittance token. Over the last couple of weeks, XRP price has consolidated within a narrow range with support at $0.6 and resistance at $0.64.
Bitcoin and other leading altcoins like Ethereum, Cardano, Dogecoin, and more exploded achieving spectacular feats. For instance, BTC broke above $44,000 for the first time in 2023 and may very well close the gap to $50,000 in December.
The second-largest crypto, Ethereum surged above $2,300 although it had corrected to $2,262 at the time of writing. It is as if FOMO is driving investors into the market while traders take advantage of the bullish outlook to maximize gains in their positions.
Recommended for you: Buying Shiba Inu In December? Here’re The SHIB Price Levels To Watch
XRP Price Prediction: Can Consolidation Push XRP To $1?
XRP price is struggling to sustain the uptrend but what is evident is the ongoing consolidation between the grey and red bands drawn on the chart. Despite general sideways movement, XRP has decreased by 1.7% in the last hour but still sustained a 2% gain in the last 24 hours.
The 21 Exponential Moving Average (EMA) (blue) props XRP with higher support at $0.6198. Slightly below it is the 50 EMA (red) with support at $0.6172.
If XRP slides toward the pivotal $0.6 level, the 200 EMA (purple) and the ascending black trendline would be in line to absorb the selling pressure.
XRP price four-hour chart | Tradingview
The Moving Average Convergence Divergence (MACD) indicator’s bullish crossover although not elaborate, could to some extent, compel traders to avoid selling and focus dollar-cost averaging (DCA) into XRP amid the potential escape from the range resistance.
The blue MACD line must remain above the red signal line to affirm the anticipated breakout. A long-term bullish outlook in XRP could call upon investors to increase their risk appetite.
A stronger tailwind would be required to deal with resistance in the red zone, with a breakout above $0.65 likely to boost XRP’s recovery to $1. Some key levels to keep in mind as the token breaks are the 38.2% Fibonacci retracement roughly at $0.64, the 50% Fibo at $0.65, and the 61.8% Fibo at $0.67.
Crypto analyst @jaydee_757 highlighted a golden cross in a post on X (Twitter) implying that it could be the answer to XRP price breaking above an eight-year trendline.
Provided that the trendline is broken, XRP price could explode by 650x as a reward to investors who are smart enough to take “calculated profits.”
#XRP – Golden cross on 4day chart confirming tomorrow? Will this help us break the 8year trendline?
Last time it did this, $XRP 650x! Although it won’t make same gains, the gains coming will be LIFE CHANGING for the 5% who takes “calculated” profits!
Retweet/Like for updates!… pic.twitter.com/U9I7KvRTFl
— JD 🇵🇭 (@jaydee_757) December 5, 2023
For now, traders would keep an eye on XRP’s movements within the range realizing that a break above it may boost the token to quickly close the gap to $1.
Declines below the same range support at $0.65 may see XRP sweep liquidity at $0.58 and $0.55. Notably, losses would be minimal based on the improving technical structure across the market.
Related Articles
- Terra Classic Community Passes Major Constructive Proposal, LUNC And USTC To $1?
- Top Analysts Offer Bold Projections As Bitcoin Rockets Towards $50000
- FTX, Galaxy Digital, & Celsius Move $45 Mln Worth ETH To Binance & Coinbase
