XRP Price Prediction For December 7
Ripple’s XRP is currently trading at $2.45, up more than 5% in the past 24 hours. Despite rising over 35% over the past week, the altcoin has yet to hit an ATH of $3.84. Most of the top 10 altcoins are currently rising, with Bitcoin trading above the $100,000 mark once again.
XRP is encountering strong resistance near the $3 mark, especially near the 1618 Fibonacci extension level at $3. Recently, XRP reached highs just above $2.90 but failed to break above the $3 mark. This suggests significant selling pressure and prices are likely to hover around this level in the short term. Here’s a breakdown of price analysis from Crypto World analyst Josh:
Support is around $2
On the other hand, if XRP experiences a pullback, support is expected to be around $2. This level serves as a buffer for prices if prices fall further in the near future.
XRP vs. Bitcoin: A Key Indicator
Looking at the XRP/BTC chart, the price action shows that XRP has reached a key resistance point compared to Bitcoin. If the chart is trending downward, it means Bitcoin is outperforming XRP. The analyst previously shared a strategy for exchanging XRP for Bitcoin, and those who follow it could potentially double their Bitcoin holdings. However, recent resistance suggests that XRP/BTC’s short-term rally may be coming to an end.
Potential for future breakthroughs
Despite the short-term resistance, analysts noted that XRP could break out of Bitcoin in the future if the overall cryptocurrency market continues to grow. If XRP manages to break above the current resistance, it could lead to a bullish trend.
