TL;DR Breakdown
- Ripple price currently at $0.46885
- Price shows bearish momentum across both short-term and mid-term charts
- Price may retreat to $0.500 level before stabilizing.
Ripple (XRP) price continues its downwards movement as the price falls below the $0.500 level. The price action has a strong support level at $0.4500, which has recently supported the price to recover to $0.4700 where it currently hovers.
Unlike Ripple, the broader cryptocurrency market sentiment is bullish, and most assets have recovered from yesterday’s losses. Bitcoin (BTC) price has climbed above the $23,000 level, while Ethereum (ETH) trades above the $620 price level.
Ripple price across December
Ripple price opened December at $0.66495 with bullish momentum as the price appeared to be recovering to November highs of $0.7500. However, the bullish momentum was stomped out by the resistance level at $0.6500, and the price action was sharply rejected.
Following the rejection, the price action turned bearish, and the price moved inside a descending channel. The price continued to decline between December 1 and December 16, causing the price to plunge from $0.66495 to $0.4500 before XRP could find a strong support level to stop the bearish momentum.
After reaching the $0.4500 price level, XRP initiated a bullish reversal as the bear pressure subsided. On December 16, the price broke above the descending channel climbing sharply to the $0.6500 resistance level. However, the price failed to cross above the level and was rejected again.
Subsequently, Ripple price returned to the $0.4500 level before the downward movement stopped. Currently, the price has recovered to $0.4700 and trades around the level with bears still dominating the markets.
Across the technical indicators, the MACD shows decreasing bearish momentum as the two EMAs show signs of convergence. However, the decline in bearish momentum is low as the bearish pressure still haunts the price action.
Meanwhile, the RSI moves near the 70.00 level showing further bearish momentum would make the price oversold calling for a bullish reversal. Similarly, the Bollinger Bands are currently wide suggesting a decrease in XRP volatility in the short-term.
Ripple price across the weekly frames
Across the weekly frames, we can observe that between July and November XRP saw relatively low volatility as the price traded between the $0.200 and the $0.300 level throughout the period. In November, the price action became bullish, and the price spiked in the third week of the month rising above the $0.4500 level.
The price continued its sharp bullish momentum in the next week as XRP rose to $0.7900. However, the price faced a strong rejection at the level, and XRP closed the week just above the $0.600 level. Subsequently, the bullish momentum declined further in the next weeks as the price failed to maintain a foothold above the $0.600 level.
The price declined to $0.4500 with the charts showing further potential for downwards movement.
Across the technical indicators, the MACD shows declining bullish momentum as the two EMAs converge sharply. Meanwhile, the RSI hovers close above the 70.00 level showing little potential in an upwards trend. The Bollinger Bands are currently wide but do not show convergence suggesting price may yet expect sharp volatility before the volatility declines.
Traders should expect Ripple price to decline to the $0.4500 support level before finding support. Price may observe sideways movement at the level before the buyers are able to initate a bullish rally.
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