Can XRP Break Over $1? - Taking A Look At Existing Probabilities.

Can XRP Break Over $1? - Taking A Look At Existing Probabilities.

2021-12-13 | Daniel Smith

Can XRP Break Over $1? - Taking A Look At Existing Probabilities.

XRP, the economy's eighth-largest cryptocurrency, was not immune to the abovementioned downturn period. Throughout the start of the month, the cryptocurrency market has experienced a number of significant adjustments. Particularly, the occurrence on December 4th was the most intense. That day, most large-cap currencies saw their market capitalizations fall by 20% to 30%. That day, the asset's price plummeted from $0.92 to $0.60. Nevertheless, XRP has effectively halted its slump during the previous few days. It has recently been stabilizing, with its price circling the 61.8 percent Fibonacci level. XRP sought to break over the above level on Thursday and Friday but was failed to do so for enough. The bulls have clearly stopped the downturn, but are they sufficiently powerful enough to try a breakout again? XRP

XRP/USD 1 DAY PRICE CHART: SOURCE- COINMARKETCAP.COM

Hope On The Horizon

At about this point, market players are proactively doing XRP trades. As spotted in the figure below, the present active address levels are significantly greater than what's been reported throughout May of last year. Crowd conjecture begins to take form as the range of distinct active addresses climbs. A booming address activity is unquestionably a positive indicator. Unfortunately, it does not reveal which route market players are leaning. So, to see if there is any prejudice in the marketplace, let's look at a few age-related measures. For openers, the Age Consumed has lately seen a handful of surges. Nevertheless, it has recently maintained more on the negative side. This effectively means that formerly idle XRP hasn't been circulating around much. Furthermore, the mean coin age metric has been rising, indicating that HODLers are now holding on to their tokens in expectation of a rise. As a result of the present accumulating trend and the lack of selling pressure, XRP ought to be capable of effectively bursting out shortly. If it succeeds to rise over its 61.8 percent Fib level in the coming couple of hours, the following few days will be quite similar to the first few days of October. In consequence, the asset would very certainly be capable to recoup $1 soon. It is also worth noting that the chances of XRP falling farther at this point are relatively minimal. This is especially true given that it is flanked by a strong support level at $0.78. Just by letting go of the same will XRP be able to re-enter the $0.7-zone.

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