Will the XRP price take action?
Although XRP has been consolidating for a long time, it seems to be preparing for a massive bullish move, according to the technical chart. While the rest of the cryptocurrency market is stagnating, we can see a serious movement in the XRP price very soon. According to XRP / USD technical analysis, a bullish-focused pennant has formed on the 4-hour chart. So what does this pennant show for the price?
XRP Price Target: $ 1
The flag in question managed to increase the price of XRP to $ 0.80 in late November . Continued consolidation can keep the trend going and create a movement of at least 60%. The sharp increase in buying pressure also indicates that the previous trend may continue. The bullish pennant marks an increase of at least 66% from the breakout point, which is above $ 1 psychological support.
Peter Brandt Performs XRP Analysis
Of course, it is seen that this analysis is made according to the resistance left by the previous trend and the peak created by the filament. Peter Brandt, one of the most famous analysts in the cryptocurrency industry, commented on this chart and stated that the flag could increase the price to over $ 1. This statement by Brandt, who normally makes too many statements against XRP, is certainly surprising.
The famous analyst emphasized that $ 0.68 is a critical resistance and stated that the price will see $ 1 in the continuation of this. According to Peter Brandt, the sight of $ 1 may temporarily increase the selling pressure on the XRP price. This is exactly what the XRP / USD pair experienced after hitting $ 0.77 and the price crashed hard for a while.
Sales Decreases, XRP Buying Starts
Both technical indicators and volume point out that XRP traders could see a serious uptrend before December 12th. According to the data of the Santiment research firm, when there was an increase of up to $ 0.77, many whales sold XRP, which significantly reduced the selling pressure. Currently, it is observed that the number of wallets with 1 million to 10 million XRP is increasing again.
Of course, the rise in XRP price is based on the possibility that the Bitcoin price will not experience a sharp decline. If Bitcoin price falls sharply, XRP price is likely to fall as low as $ 0.40, one of its strongest support points. However, all indicators point to a more likely increase in XRP price for now.
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