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Just like the rest of the cryptocurrencies, XRP also ended up observing a dip in its price in the early days of December. It was on the 4th of December when the price of Ripple (XRP) ended up facing a dip in its price. As a result, the price of XRP came below the $0.85 per XRP price.
The CoinGecko performance chart for XRP shows that the $0.85 per XRP was the strong support point for XRP. This meant that the bulls would do whatever they had in their power to stop the bears from pushing the price of XRP below the $0.85 per XPR figure.
It was the beginning of the 4th of December when the price of XRP had already fallen below the $0.85 per XRP price. From the beginning of the day to midday on the 4th of December, the price of XRP had fallen down to $0.60 per XRP.
However, the moment XRP price fell close to the $0.60 figure, the bulls launched their attack by mass-purchasing XRP. The bulls demonstrated a lot of aggression in buying XRP on a large scale. This particular behavior from investors helped boost the price of XRP and helped it move towards its recovery point.
From that point onwards, the bulls carried on with their buying efforts, trying their best to push the price of XRP. Taking all the points into consideration, it could be predicted that the bulls were trying to push the price of XRP up to $0.85 per ADA.
Their attempts were to push the price of ADA over the $0.85 price, pushing it beyond the strong support zone. However, the performance graph for ADA on December 5, 2021, showed that the bulls were unable to accomplish that.
The data showed that as of December 5, 2021, the $0.85 benchmark had changed from the strong support zone to the resistance level zone. After that, it was predicted that the price of XRP will be pulled lower as the bears will be making sure they continue selling XRP.
Their target was to move the price of XRP all the way down to $0.60 per XRP. As for the relative support index, it is currently in the “oversold territory”. This means that the bears have already oversold the amount of XRP they had to sell in the first place.
This may prove to be helpful for XRP in a short term as after the overselling of XRP, a cushioning window has been observed. In this window, the bulls will be able to build small-level rallies to try and push the price of XRP over the $0.97 (20-day EMA) price.
It is expected that the bears may attempt to sell as many XRP as possible to bring its price all the way down to the $0.60 per XRP price.
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