xrp cryptocurrency price

Ripple to continue uptrend in 2022 with investors ready to break out of pennant

Ripple flows out of exchanges as Bitcoin and Ethereum inflow spikes
Written by publisher team

  • XRP price is keeping respecting the long term green bullish trend line for the fourth consecutive week.
  • On the upside, some moving averages are weighing on the potential for an upside.
  • Expect investors to wait for the perfect entry before the rally begins in 2022.

Ripple (XRP) is respecting the boundary of both uptrends and downsides, as price action is in a weekly pennant with a red descending triangle on the upper side of May and below the green bullish trendline providing support from December 2020. Although XRP price action looks More bearish, however, the green bullish trend line has held on several occasions with good respect. Expect a potential brush against the ascending trend line in the first weeks of 2022 which will serve as a starting point for an upward trajectory that could bring XRP back towards $1.36.

XRP Is About to See a Rise in 2022

XRP price is showing some signs of a bearish trend in the past few weeks with multiple tests on the green bullish trend line that has been forming the uptrend support throughout 2021. Every time the test sees a strong bounce off this trend line, the minor bearish moving averages (SMA) form A little roof to increase the possibility of height. Although this looks bearish, do not be fooled as the bulls are patiently buying into the price action as the RSI maintains a moderate trend around 50 and has not declined towards the oversold territory over the course of the year.

XRP investors will use this week’s test and retest on the green upward trendline to buy into XRP before unleashing a rally at the start of 2022. As more investors add cryptocurrency as an asset to their portfolio, more decision-making will drive demand Overall, seeing a strong bullish reaction with XRP breaking above the 55-day SMA and the 200-day SMA to retest the red downtrend line around $1.0. Once the above breakout, expect the markets to perceive this as any bearish forces to be broken and see an accelerated move towards $1.36, retaining 65% of the gains.

XRP/USD daily chart

If some headwinds start to emerge at the beginning of 2022, for example, with geopolitical tensions turning into a possible war between Russia and the United States over Ukraine if talks fail at the beginning of January, expect a massive move to safe havens with cryptocurrency centers as the first to be made. cut it off. In this case, the green ascending trend line will break and test $0.60 as the first base. In the event of a very serious escalation of tensions and a sharp decline in global markets, even $0.30 will not be out of the question.

.

About the author

publisher team