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XRP Price Prediction: Today’s Ripple Price, 11th Dec 2022
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The cryptocurrency known as XRP, which powers Ripple’s worldwide blockchain-based payments system, was last trading 1% down on Friday after falling from weekly highs at $0.3950 to hover near $0.3900. Even so, the cryptocurrency is still up approximately 4.2% from previous weekly lows.
The YoY rate of inflation continued to reduce according to recent US PPI data, but the decrease was not as significant as anticipated, which has affected sentiment in the cryptocurrency markets. As a result, forecasts for the price of XRP have not turned bullish.
The current recovery of XRP from recent lows does not indicate a sudden increase in risk appetite for XRP. The cryptocurrency is still well inside previous ranges and has only been able to recover to within a few cents of its 21- and 200-Day Moving Averages. Additionally, XRP has been unable to return to a crucial Fibonacci level that represents the 61.8% retracement back from September highs in the $0.56 to $0.28 area to June’s yearly lows.
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XRP Price Today
| DATE | XRP | USD |
|---|---|---|
| Today | 01 | $ 0.3874661 |
XRP Price Prediction
With support keeping a floor under the price movement in the low $0.37s and a downtrend that started on November 25 squeezing the upside, XRP appears to have created a descending triangle pattern during the past several weeks. A bearish breakout frequently precedes the formation of descending triangles. The XRP bears will therefore be eagerly waiting for XRP to fall lower once again towards levels below $0.35.
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XRP seems to be at a turning point. It appears to be in the midst of the shorter- and longer-term ($0.31-55) ranges ($0.37-42). The 100 and 50DMAs are located in the $0.42 region, which is a strong area of resistance because it has regularly served as both resistance and support since late July.
On the other hand, macro headwinds are likely to cause XRP to continue falling if next week’s US CPI data surprises to the upside like today’s PPI data, and should the Fed be perceived by the market as sounding hawkish. The post-FTX collapse lows, or around $0.31 support, might be reached through a continuous decline.
XRP may stay trapped in its recent ranges until it is known how the Ripple v. US SEC case will proceed in the coming year.
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