Ripple Price Forecast: XRP dives into oversold territory while technicals turn bullish

  • XRP price lost ground as traders sold off the coin after Spark airdrop.
  • The technical picture implies that the token is poised for a recovery.

XRP is hovering below $0.5 after a significant sell-off during the weekend. The third-largest digital asset with the current market capitalization of $22 billion has lost over 4% in the past 24 hours and over 18% on a week-to-week basis. 

The coin hit the recent high of $0.92 amid Spark airdrop expectations. Users moved over 1.2 billion tokens to the cryptocurrency exchange accounts within a couple of days ahead of the airdrop. However, the pump was short-lived as traders dumped their tokens once the snapshot of account balances was taken. XRP fell below psychological $0.5 in a matter of hours on Saturday, December 12, and entered the consolidation phase.

XRP price recovery is underway

As technical indicators show, XRP may be ready for a rebound. The TD Sequential indicator has presented buy signals – in the form of a red nine candlestick – on multiple intraday charts, including 2-hour, 1-hour and 3-min. If the bullish pattern is confirmed, the price may create from one to four green candlesticks, with the first recovery target at $0.52. 

XRP, multiple charts

XRP/USD, multiple charts

A sustainable move above this area will open up the way to $0.56. This resistance is created by the downside trendline and the 1-hour SMA200 and the 4-hour SMA200.

XRP/USD, 4-hour chart

XRP/USD, 4-hour chart

On the other hand, critical support comes at $0.48 whether the 200SMA is hovering at on the 4-hour chart. If it fails to hold, the downside momentum will gain traction and push the price to the psychological $0.40 or even to $0.33.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH sizes the spotlight as BTC and XRP contemplate retracement

The hype around Coinbase’s IPO was matched by Bitcoin and Ethereum, which surged to new all-time highs. On the other hand, Ripple price faced an abrupt stop as investors began booking profits.

More Bitcoin News

Stellar aims for new all-time highs if key support holds

Stellar has enjoyed an amazing rally since the beginning of 2021 and hit a yearly high at $0.69 on April 14. The digital asset must hold a crucial support level to continue with the uptrend and reach new highs.

More Stellar Lumens News

Cardano resets before the next leg up to new all-time highs

Cardano price faced exhaustion of bid orders as it hit the base of an ascending triangle at $1.48. A minor retracement to the immediate demand barrier at $1.34 seems likely. Shattering the resistance level at $1.48 forecasts a new all-time high for ADA.

More Cardano News

Algorand Price Prediction: ALGO vies for 85% advance upon the breach of its consolidation

Algorand price is traversing a bullish pennant, hinting at an 85% upswing to $2.83. A decisive close above $1.53 will signal a breach of the pennant’s upper trend line. ALGO will kick-start a new downtrend if it slices through the 50% Fibonacci retracement level at $1.03.

More Algorand News


Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast