XRP to return and prepare for a bullish 10% breakthrough before Thanksgiving

By November 24, 2022DeFi
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At the midway point of the business week, the ripple price shows increases of almost 5%. A rising trend line with two strong tests pushes XRP higher. Expect a 10% rip after another squeeze at a crucial moving average.

The Ripple trend

The price of ripple (XRP) (1) is now building a three-day winning run and is thus poised to publish a very strong week of gains. Just maintain the increases in the XRP price until the US closing bell. Late on Tuesday night, as stocks rose into Thanksgiving and speculation of a Christmas surprise began to grow, the mood changed. Expect this to be competitive, with many traders and desks battling to post gains for the year.be the time when each trader must participate in something.

Image source: Tradingview.com

XRP is expected to increase once Thanksgiving begins

As it maintained its advances over the weekend against several other cryptocurrencies that saw themselves relegated to the lower ends of their trading ranges, Ripple price was already a beacon of light in the gloomy crypto winter last week. Over more than two years, XRP frequently stood out and lagged behind Ethereum and Bitcoin. The severe crypto winter and the fallout from FTX and LUNA seek to improve the reputation of XRP since it is very steady and is expected to rise when cryptocurrency demand picks up speed.

Because it broke above the crucial turning point from the previous summer, $0.3710, The 200-day Simple Moving Average (SMA) (2), which served as a cap during November on two prior occasions, is the next significant obstacle. A large influx of US data arriving just before the start of the holiday season would be ideal. The 200-day SMA will be broken by XRP, which will surge to $0.4228 and increase by almost 10% from its current price.

Since the 200-day SMA has already shown that it is a force to be reckoned with, do not look too far into why this Thanksgiving rally might fail. After two recent definite denials, a third rejection might yet be in the works and bring back XRP to $0.3710. If XRP trades any lower and begins to breach that green ascending trend line, it will be the cue for bulls to exit since, as a result of that price action, it is expected to reverse back to $0.32 fully.

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