Top 3 Coins to Watch Today: XRP, RAY, AVAX – December 8 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 8^th cryptocurrency globally and the current price is US$0.8273. Let’s take a look at the chart below for price analysis:

XRP‘s 87% climb during Q3 returned to the monthly open, sweeping lows several times down to $0.8222. Last week, the price bounced from the monthly open near $0.7743 again, creating possible support near $0.7650. A quick sweep of this recent swing low could reach into a support area near $0.8012, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.7925.

If the price breaks through the closest significant resistance near $0.8756, the swing high at $0.9034 is a likely target. This move could reach the daily gap near $0.9563.

Strong bullish momentum could propel the price to resistance near $0.9877. If this move occurs, the significant swing high near $1.12 provides a reasonable goal.

2. Raydium (RAY)

Raydium RAY is an automated market maker AMM and liquidity provider built on the Solana blockchain for the Serum decentralised exchange DEX. Unlike any other AMMs, Raydium provides on-chain liquidity to a central limit orderbook, meaning that funds deposited into Raydium are converted into limit orders that sit on Serum’s orderbooks. This gives Raydium LPs access to all of Serum’s order flow, as well as their existing liquidity.

RAY Price Analysis

At the time of writing, RAY is ranked the 119^th cryptocurrency globally and the current price is US$8.96. Let’s take a look at the chart below for price analysis:

Mid-October marked a turning point for RAY, with the price rocketing up almost 85% from its lows to probable resistance beginning near $14.78.

The price is currently struggling with the area between $8.75 and $10.39. This region could provide support after a close above, or resistance after a close below. 

A retracement could reach into the daily gap and possible support around $8.65. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $8.12, and the potential support just below that begins around $6.53.

Continuation to the upside will likely target the monthly high near $9.95. However, probable resistance beginning at $10.58 and $11.82 could cap or slow down this move.

3. Avalanche (AVAX)

Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

AVAX Price Analysis

At the time of writing, AVAX is ranked the 12^th cryptocurrency globally and the current price is US$93.04. Let’s take a look at the chart below for price analysis:

AVAX has continued its rally through the daily gap between $85.45 and $92.25, turning this region into an area of possible support. 

However, a stop run under the relatively equal lows at $87.34 could form a wick below this level, potentially reaching an untapped daily gap beginning near $79.14.

Resistance starting at $112.32 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant new swing high at $125.46, continue into probable resistance just above, and possibly set new monthly highs at $133.12.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.