XRP is on the verge of an explosive breakout

• The ripple price is trading just below a critical resistance area.
• Several indicators show that XRP could be aiming for a massive breakout towards $ 1.

XRP was trading as low as $ 0.78 on November 24 before a short correction period to $ 0.456. Ripple’s price is trading at $ 0.655 at the time of writing, notably recovering from the decline and aiming for higher highs.

Ripple price facing only one critical barrier before $ 1

On the 1-hour chart, Ripple’s price has established a solid resistance area between $ 0.64 and $ 0.655. The bulls managed to defend a support area formed on 21 November. XRP has since moved up from the upper trendline of the support range.

1 hour XRP / USD chart

A breakout above the crucial $ 0.655 resistance level could quickly drive Ripple’s price to the last 2020 high $ 0.78 and towards the psychological $ 1 level. The cryptocurrency market appears to be recovering quickly, having recovered $ 100 billion of market cap over the past three days and adding further buying pressure to XRP.

XRP Tenant Distribution Chart

On the other hand, it appears that the number of whales holding 10,000,000 or more coins has dropped significantly from 332 to 324 in the past 24 hours, suggesting that many large investors are making profits as Ripple’s price continues to rise. Rejection from the crucial $ 0.655 resistance level would push XRP towards $ 0.5.