Ripple Price Analysis: XRP Price Set for Big Drop?

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

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.