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XRP Technical Analysis: Buyers Began the Growth to $1.21


cryptoknowmics.com 22 December 2021 11:50, UTC
Reading time: ~3 m

The new trading week on 20 December begins to give hope to XRP buyers for a bright future. Several unsuccessful attempts to push the local mark of $0.85 by sellers automatically passed the initiative to buyers. In fact, a strong fall wave in early December was able to test the global range of $0.6. By the way, a new growth wave began in July 2021 from this range. Buyers were tested for strength and the result is more than worthy. At this point in the weekly timeframe, there is a high probability of global consolidation in the range of $0.85-$1.21. If buyers can take control of $0.95, then the mark of $1.21 will be the next target of buyers.

https://www.tradingview.com/x/q7ATUYBv/

Analyzing the trading volumes in the XRP market, the scenario of global consolidation becomes more realistic. The fact is that the reversal of the XRP market and the transfer of initiative to buyers took place at low volumes. We have not seen the culmination of sales and struggles near the $0.85 range. Sellers simply did not attack, and buyers did not try to defend themselves. Now, with the lazy Bitcoin growth, the XRP price has revived a bit. However, with the use of force by sellers in the form of volumes, the whole structure of buyers will fall apart like a house of cards. Given this, we should now trade very carefully and do not forget about stop orders, which can save our profits from sudden disappearance.

Technical Analysis of XRP in the Daily Timeframe

https://www.tradingview.com/x/3qr398rU/

Analyzing the situation on the XRP market on a daily timeframe, we can see that buyers have become more active since the beginning of the week. If on the weekend the XRP price simply drifted within the limits of local consolidation, starting from Monday, 20 December, buyers were able to confidently start the vector movement. If on 22 December, buyers can not close the daily candle without pins and take control of $0.95, we will expect a test of the local mark of $0.86. Successful testing of this mark will allow you to buy XRP with low risk, with the final target of $1.21.

XRPBTC Price Hints at 120% Growth

https://www.tradingview.com/x/cfX6JMUs/

The XRPBTC chart became a big drop of positive in the analysis of the situation in the XRP market. In the weekly timeframe, we see that the price has broken the trend line of sellers, which they have been keeping since May 2021. Breaking the half-year trend line indicates that the XRP market has begun a new growth wave. The first global target of buyers is 0.000037. The only thing that bothers us is the low trading volume, in which buyers managed to go beyond the pressure of sellers. But, at the beginning of the journey, the traffic is often not very attractive and sharp. Let's see how buyers will end the year and how sellers will react to the attempt to grow in January.


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