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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 14, 2020 00:29 UTC
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Ripple Price Analysis: XRP Price Set for Big Drop?
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
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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