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XRP Price Recovers From Crash – Will the Price Hit $0.6?

source-logo  coinpedia.org 14 December 2020 19:50, UTC

It was a bearish start of the week for the major cryptocurrencies. While Bitcoin Price will need to avoid the pivot, XRP price will need to break through it to avoid a loss.

However, the altcoins gained lost momentum and have currently entered the consolidation phase. Failure to move back through the early morning highs would bring support levels into play.

In terms of gains, With the spike, 125% Nucleus Vision (NCASH ) leads the crypto market followed by ALL BEST ICO (ALLBI) with 108% gains. The trending tokens EFFORCE (WOZX) and Bitcoin Vault (BTCV) are also showing minor gains of 2% and 3% respectively. 

XRP price has been in the limelight since December. The third-largest cryptocurrency tumbled by 17.78% in the week ending reversing a 2.69% gain from the previous week.

XRP Whales – 230 Million XRP Were Transferred in Just 3 Transactions

As per Whale Alert recent tweets, about 230 million XRP in just 3 transactions were transferred within a few hours ago — hinting that there might be more transactions.

  • 29,999,980 XRP (15,415,586 USD) transferred from Unknown wallet to Coinbase.
  • 100,000,000 XRP (51,609,407 USD) transferred from Unknown wallet to Unknown wallet.
  • 100,000,000 XRP (51,783,761 USD) transferred from Unknown wallet to Unknown wallet.

XRP Price Analysis 

A bearish start to the week saw Ripple’s XRP fall from an early Monday morning high $0.51316 to a low $0.50337. Ripple’s XRP left the major support and resistance levels untested early in the day on Monday.

At the time of writing, XRP traded at $0.505510 with a daily trading volume of $8,155,309,593 USD. XRP is up 3.60% in the last 24 hours, with a market valuation of $22,952,192,576 and  a circulating supply of 45,404,028,640 XRP. 

Also read : Stellar Price Prediction 2021 – Will XLM Price Hit $1?

The price is now trading below the  $0.520 level. The support is near $ 0.500, below which the price could dive towards the weekly support at  $0.480. On the upside, the price must gain momentum above  $0.520 and then surpass  $0.535.

Looking ahead,  XRP would need to move through the 38.2% FIB of $0.5285 and the $0.5393 pivot level to support a run at the first major resistance level at $0.5985. However, support from the broader market would be needed for XRP to break out from $0.55 levels. Barring another extended crypto rally, the first major resistance level and resistance at $0.60 would likely cap any upside. 

In the event of another breakout, the 23.6% FIB of $0.6274 resistance at $0.65 would likely come into play. The second major resistance level sits at $0.6840. Failure to move through the 38.2% FIB and the $0.5393 pivot would bring the first major support level at $0.4538 into play. In an extended sell-off,  XRP Price should clear sub-$0.40 levels. The second major support level is at $0.3946.