According to the analyst, XRP is forming a bear trap that will result in Ripple rising to $1. Ripple is testing support from the green ascending trendline for the second week in a row. The bears are trying to break the uptrend, but many bullish predictions for 2022 keep the uptrend in place. Details cryptocoin.com‘in.
Where is the Ripple price?
According to the analyst, the best proof that the bulls are still present in the buying volume is the green ascending trendline holding for two consecutive weeks at the $0.80 level with the monthly S1 support level for December. According to analyst Filip L., expect the bulls to increase the price action next week and stop shorts around $1.0. XRP price is having issues controlling losses during the December sell-off. With Bitcoin’s falling blade event, XRP price gained over 44% in just one morning and broke the green ascending trendline towards the monthly S2 support level at $0.60. However, the uptrend continues for now, as the bears cannot find what they want at the same green trendline that created a bear trap for the second week in a row.
Expect some bullish sentiment to return next week as the bears clear their short positions again. The key to see will be a return to the 200-day SMA at $0.95 and a possible touch towards the 55-day SMA at $1.05. Any upside movement seems limited for now as the intersection with the second green and red trendline is definitely on track with the current tailwinds.
If the weekend sentiment doesn’t hold up any further, wait for the price to drop below the initial green ascending trendline and it could drop further if another sell occurs. Then, a double bottom will be created at $0.59 at the S2 monthly support level, which will remain as support next week, says the analyst.
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