Ripple Rallies above $1 – Why XRP Could Surge to 1.1040
Arslan Butt•Wednesday, December 1, 2021•2 min read
Ripple closed at $0.99689, after placing a high of $1.02878, and a low of $0.97066. [[ XRP/USD]] surged for the 4th consecutive session on Tuesday, but the gains remained consolidated. The limited gains for Ripple could be attributed to the news suggesting that XRP nodes run by Ripple fell out of sync for over 5 hours and disrupted the wallet services. Actually, the problem was that the usage and accessibility were disturbed due to the non-custodial XRP wallet not functioning well while the Ripple engineers were working on increasing the capacity of the public node.
Two XRP nodes maintained and run by Ripple developers, namely s1 and s2, recently fell out of sync with the network. This disruption lasted for 5 hours which impacted the users of xrplcluster.com and Xuum. Before this disruption was reported, the prices of XRP/USD were extending their gains. However, the positive momentum was limited after this disturbance.
Ripple Live Rate
Furthermore, the rising prices of XRP/USD experienced heavy pressure from the overall market sell-off, which was triggered by the concerns regarding the Omicron variant, which was reported to be much more severe than the Delta variant. The latest comments by the CEO of Moderna suggested that existing vaccines could prove less effective against the Omicron variant than they have been against the Delta variant.
These comments had a negative impact on speculative assets, like cryptocurrencies, and the whole market is now facing downside pressure. XRP/USD also followed suit, but Ripple’s prevailing positive environment saved it from falling on Tuesday.
Moreover, the declining prices of the US dollar on Tuesday kept the XRP/USD positive for the day, due to the negative correlation between them. The greenback was on the back foot on Tuesday, after the macroeconomic figures from the US came in against it, and the weakness of the greenback pushed XRP/USD higher on the board.
Ripple Technical Outlook – XRP to Revisit $1.02 Resistance
On the 2-hourly timeframe, XRP/USD is steady below the resistance level of $1.0258. It is currently trading at the 1.0040 level, crossing over the 20 and 50-day simple moving averages, with support at $0.9905.
Lately, [[ XRP/USD]] has closed the “Spinning top and Doji” pattern, indicating a weakness among investors in terms of a bullish bias, whereas the formation of candles above the 20 and 50 SMAs supports an uptrend.
Daily Technical Levels
Support Resistance
0.96878 1.02690
0.94066 1.05690
0.91066 1.08502
Pivot Point: 0.99878The downward trendline on the 4-hour timeframe is likely to act as a support at $0.9905. A breakout of the $1.0250 resistance level could drive a bullish trend until the $1.056 and $1.1051 levels. So let’s keep an eye on $1.020, as the bearish bias dominates below this level and vice versa. Good luck!
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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