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Ripple Price Analysis: XRP Price Set for Big Drop?

Author: Sohrab Khawas

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    Story Highlights
    • XRP Price Could drop Massively if Crucial Resistance Remains Intact

    • Due to ascending triangle pattern XRP/USD might resume the downtrend

    After struggling for the past several days, the Bitcoin price has settled above $19,000 after it was recently rejected from $19,500 again. XRP price is getting ready to dump some more.

    Meanwhile, major altcoins are showing bearish signals, including ethereum, LINK and other.

    Ripple – XRP Price Analysis

    XRP trading view

    At the time of writing, XRP is trading at $0.495250 with a minor loss. Ripple is currently holding a market cap value of $22,591,760,111 with $7,537,797,799 trading volume.

    XRP price seems to downtrend some more before a significant bullish price action comes into the picture.

    In the month of December, the support at $0.475 has been tested twice. The increasing in selling pressure has smashed all attempts for recovery. Thus it seems that XRP price can barely hold above $0.50

    looking ahead, If XRP closes the day under $0.5, it will be forced to seek refuge at the 200 SMA. In the event losses continue, the next tentative anchor zones are $0.475, $0.45, and $0.4.

    On the contrary, if Ripple reclaimed the support at $0.52 then the upward price action might come into picture. Trading past $0.54 will call for more buy orders, restoring the hope of exchanging hands above $0.6.

    Technical Indicators

    • The MACD indicator is slowly moving in the bearish zone.
    • The RSI indicator is currently just below the 50 levels.
    • Major Support Level – $0.45636, $0.45838, $0.48365,
    • Major Resistance Level – $0.58880, $0.60580 ,$0.68182.
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