Ripple price has extended Monday’s gains by bouncing back to the crucial level of $1.0000. The trend is observable across the crypto market. For instance, Bitcoin has surged further to $57,445.08. While the risk-off mood has eased, the market is still fearful. The crypto fear & greed index is nearing the neutral phase of the spectrum at the current fear level of 40. In the previous session, the index had a reading of 33.
On Sunday, XRP dropped to its lowest level in two months at 0.8871. Since then, it has been on a rebound that has boosted it above the psychologically crucial level of 1.0000.
At the time of writing, Ripple price was up by 0.84% at 1.0062. On a four-hour chart, it is trading along the 50-day EMA and slightly above the 25-day EMA. At its current level, the outlook is rather neutral. Nonetheless, I hold a bearish bias.
Notably, Ripple price has been on a downtrend since mid-November when it hit a two-month high at 1.3484. Since then, it has dropped by about 25.62%. For the altcoin to have a clear trend reversal, it will need to surge above the crucial support zone of 1.1000.
In the immediate term, I expect it to hover around 1.0000 as it finds support at 0.9702. Past that zone, the bulls may manage to push it to 1.0676 where it will experience some significant resistance. On the flip side, a move below the aforementioned support level may have the bears retest the weekend’s low of 0.8871.
This post was last modified on Nov 30, 2021, 03:11 GMT 03:11