XRP sits on the verge of an explosive breakout

  • Ripple price is trading right under a critical resistance area.
  • Several indicators show XRP could be aiming for a massive breakout towards $1.

XRP traded as high as $0.78 on November 24 before a brief period of a correction down to $0.456. Ripple price is trading at $0.655 at the time of writing, notably recovering from the dip and aiming to set higher highs.

Ripple price facing only one critical barrier before $1

On the 1-hour chart, Ripple price has established a robust resistance area between $0.64 and $0.655. Bulls managed to defend a support area formed on November 21. XRP has since bounced back up from the upper trendline of the support range.

XRP/USD 1-hour chart

A breakout above the crucial resistance level at $0.655 could quickly drive Ripple price to the last 2020-high at $0.78 and towards the psychological level at $1. The cryptocurrency market seems to be recovering quickly, having gained back $100 billion in market capitalization over the past three days and adding more buying pressure to XRP.

xrp price

XRP Holders Distribution chart

On the other hand, it seems that the number of whales holding 10,000,000 or more coins has decreased notably from 332 to 324 in the past 24 hours, suggesting that many big investors are taking profits as Ripple price continues climbing higher. Rejection from the crucial $0.655 resistance level would push XRP towards $0.5.