Ripple Price Analysis: XRP bears eye December low on downside break of short-term triangle


  • XRP/USD bounces off two-week low amid oversold RSI conditions.
  • Sustained trading below 200-bar SMA, bearish confirmation from immediate chart pattern favor sellers.
  • Bulls need to cross Christmas top to retake the controls.

XRP/USD bounces off 0.2400 threshold to currently around 0.2550 during early Friday. Even so, the altcoin stays near the lowest since January 06 while keeping the recent downside break of a symmetrical triangle established since January 10.

Although nearly oversold RSI conditions favor the latest short-covering, XRP/USD bears remain hopeful unless the quote bounces back beyond the stated triangle’s support line, at 0.2670 now.

Even if the XRP/USD prices manage to cross 0.2670, the 200-bar SMA near 0.3000 and the triangle resistance around 0.3180 will challenge the bulls.

Furthermore, the quote’s sustained upside past-0.3180 will eye for the December 25 top near 0.3850, a break of which will confirm the XRP/USD run-up beyond the 0.4000 mark.

Alternatively, multiple supports around 0.2150 can offer immediate rest to the XRP/USD sellers. Also likely to rest the bears ahead of the previous month’s low of 0.1719 will be the 0.2000 threshold.

It should, however, be noted that the crypto pair’s sustained trading below 0.1719 will need validation from the June 2020 low of 0.1690 for further downside.

XRP/USD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price 0.2523
Today Daily Change -0.0155
Today Daily Change % -5.79%
Today daily open 0.2678
 
Trends
Daily SMA20 0.2802
Daily SMA50 0.3861
Daily SMA100 0.3614
Daily SMA200 0.3057
 
Levels
Previous Daily High 0.308
Previous Daily Low 0.2596
Previous Weekly High 0.3685
Previous Weekly Low 0.2526
Previous Monthly High 0.6817
Previous Monthly Low 0.1719
Daily Fibonacci 38.2% 0.2781
Daily Fibonacci 61.8% 0.2895
Daily Pivot Point S1 0.2489
Daily Pivot Point S2 0.2301
Daily Pivot Point S3 0.2005
Daily Pivot Point R1 0.2973
Daily Pivot Point R2 0.3269
Daily Pivot Point R3 0.3457

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu enters 96% bull run as whales continue accumulating SHIB

Ethereum whale bought $11.5 million worth of SHIB tokens on Tuesday. Shiba Inu token has reached 783,739 holders, large wallet investors accumulate SHIB tokens through the dip. SHIB was briefly the cryptocurrency with the largest turnover on exchanges Binance and Coinbase on Monday.

More Shiba Inu News

Three reasons why MATIC price will breakout to a new all-time high at $4.5

MATIC price breached a crucial resistance level that has prevented it from rallying four times over the past four months. The recent attempt seems to have an extra oomph behind it, hinting that this run-up could trigger a massive move.

More Polygon News

XLM price eyes 55% breakout if Stellar bulls can flip one crucial barrier

XLM price has been stuck trading under a crucial blockade for nearly five months. The situation is set to change soon, however, as Stellar coils up for an explosive breakout.

More Stellar Lumens News

Terra's Do Kwon files lawsuit against SEC while analysts turn bullish on LUNA

Do Kwon, Terraform Labs CEO, was served a subpoena by the SEC while appearing at Messari's Mainnet conference. According to Do Kwon and Terraform Labs' lawsuit against the SEC, the regulatory agency lacks jurisdiction over the plaintiffs. 

More Terra News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP