Cryptocurrency Price Analysis

XRP Price Analysis – Sunday, December 20, 2020

XRP is currently selling for $0.57, and this is not shocking because the digital asset failed to break above its upward resistance after it tried on different occasions. While the bulls lead its surge in the previous week, the $0.60 price mark became a tough one for the bulls to break above the last few weeks.

XRP is now trading in a low region after failing to break above the resistance figure as it awaits yet another bull run with the hope that this time, it would break above the resistance. Looking at its correlation with Bitcoin, XRP is now in a downward move, and analysts have predicted that it could yet move in a further downward position because of the recent Bitcoin surge.

XRP/USD daily chart

XRPs key support level has changed with the new level now $0.28, $0.26, and $0.24 with its new resistance level now set at $0.78, $0.80, $0.82. Even though it is noticeable that XRP saw an upward surge around the same time that the Bitcoin bull run started, the digital asset could not use that to its advantage as the $.60 resistance level was a major stumbling block on its path. With $0.60 desperately trying its best to block XRP from moving in an upward trajectory, the coin has been trading between the $0.54 and $0.59 region.

XRP is further expected to continue trading at its previous price mark till something spurs the coin to make the much-needed break above the resistance figure. With Ripple presently in a range-bound movement, a break above the resistance will see the digital asset trade in an upward trajectory.

If this current resistance can be broken, XRP will trade above the region, and its new resistance will be set at $0.78. A trade around the resistance figure spurred by an uptrend on November 24 already saw XRP register a 61.8% Fibonacci retracement level. This is a clear indication that the coin will either see a new 1.618 rise in its Fibonacci extension or trade around the $1.1074 region.

Indicator Analysis of XRP

Looking at XRPs on-chain analysis shows that the digital asset is trying very hard to break above the 21 day SMA with a huge break above this region, confirming that the digital asset would trade in an upward region. Taking a look at its Relative Strength Index, one would notice that XRP is presently around level 53 in the period 14. This shows that the digital asset is presently trading a little above the middle line in an upward move.

The 4-hour chart of XRP/BTC

This chart shows that XRP is presently trading in a downward zone, and even though it tried to come back some days ago, the digital asset saw a rejection at 0.000028000. Meanwhile, XRP has already tested the 61.8 Fibonacci level after it traded in a downward trajectory. Looking at the retraced candle level, one would note that the coin is expected to fall to a Fibonacci extension of 1.618 or trade at a low level of 0.000016522.

Leave a Reply

Your email address will not be published. Required fields are marked *