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Ripple Price Trading in a Bearish zone !! Is a major breakout awaited?
Author: Elena R Dec 19, 2020 13:39
Elena R 
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
Bitcoin price started a fresh increase, but it is struggling to settle above USD 22,960. Similarly, most major altcoins are trading near key breakout levels, XRP price which is the talk of the town since a long time might attempt to clear the USD 0.588 resistance.
In the past few hours, a few altcoins climbed over 5%, including XLM, AVAX, XEM, CHSB, NANO, KSM, ADA, SNT, and ETC. Out of these, XLM outperformed and it even surged above the USD 0.17 resistance.
Also Read : XRP Bearish Divergence Aims Much Lower, Will It Rebound Quickly?
XRP Price Analysis
After a widespread market crash in the past 24 hours, pushing XRP from $0.66 to a low of $0.55, the digital asset has managed to recover forming a bullish candlestick on the daily chart and defending a critical support level. XRP price today is $0.57700 USD with a 24-hour trading volume of $12,100,735,379 USD. The altcoin is down by 2.12% in the last 24 hours.
XRP price gained bullish momentum from the USD 0.55 support level. The price surged above USD 0.550. It even surpassed the USD 0.565 resistance. It seems like the bulls are aiming for a test of the USD 0.5850 resistance level. Any more gains could lead the price towards the main USD 0.600 resistance.
Also Read : XRP Price Poised for a Breakout Ahead of Spark Token Airdrop
Crypto Market, Price Forecast and Sentiment
Looking ahead, the altcoin needs to avoid a fall through the $0.588 pivot level to bring the first major resistance level at $0.60837 into play. However, Support from the broader market would be needed for XRP to break back through to $0.62 levels.
Barring an extended crypto rally, the first major resistance level and 23.6% FIB of $0.6274 would likely cap any upside. Further, XRP could test resistance at $0.65 before any pullback. The second major resistance sits at $0.6662. A fall through the $0.5637 pivot would bring the 38.2% FIB of $0.5285 and the first major support level at $0.5222.
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