Lorenzo Stroe
Independent Analyst
- Ripple price is currently showing signs of weakness on various timeframes.
- The cryptocurrency market plummeted briefly but managed to recover almost instantly in the past 24 hours.
Like the rest of the market, Ripple price quickly dipped from $0.681 to $0.56 in a matter of minutes before quickly recovering in the next hour, currently trading at $0.638. It seems that XRP might still be poised for a pullback in the short-term, according to a strong indicator.
Ripple price could drop towards $0.5 before continuing with its uptrend
On the 4-hour chart, the TD Sequential indicator has presented a sell signal that has already got some follow-through. Additionally, it is close to posting the same sign on the 12-hour chart within the next eight hours.
XRP/USD 4-hour and 12-hour charts
Validation of the signals could propel Ripple price to the psychological level at $0.60 and as low as $0.47, the 50-SMA on the 4-hour chart. Additionally, it seems that some on-chain metrics have also turned bearish for XRP.
%20[16.51.33,%2001%20Dec,%202020]-637424348385052755.png)
XRP Network Growth chart
The network growth of XRP has declined significantly since its peak on November 24. Although Ripple price managed to recover quite well from its dip to $0.48 on November 26, network growth has remained low.
%20[16.51.36,%2001%20Dec,%202020]-637424349097458658.png)
XRP Holders Distribution chart
On the other hand, the number of whales holding 10,000,000 or more XRP coins has increased in the past 24 hours by three. This statistic has been in a strong uptrend since November 20, indicating that large investors are deeply interested in XRP. If the sell signals are invalidated, we could see Ripple price quickly jump to the 2020-high at $0.78.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum Price Forecast: ETH ETFs post first weekly inflows since February
Ethereum ETFs recorded net inflows of $104.1 million on Friday — their highest daily inflow since February 4, per SoSoValue data. As a result, the products saw a weekly net inflow of $157.1 million, which also marks their highest net buying activity since February.
Defi Development Corporation files to offer $1 billion in securities to boost its Solana holdings
Defi Development Corporation filed a registration statement with the Securities & Exchange Commission on Friday, signaling its intent to offer and sell a wide range of securities.
Bitwise hints at NEAR ETF following Delaware registration
The filing marks a crucial step before a firm submits an application for an ETF with the SEC. While Bitwise has not yet applied for a NEAR ETF with the SEC, similar actions preceded its previous XRP and Aptos ETF filings.
Bitcoin price could reach $285K by 2030 as Citigroup forecasts $1.6 trillion stablecoin inflows
Bitcoin price outlook strengthens as Citigroup projects $1.6 trillion stablecoin growth, calling them critical bridges between banks and blockchain.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.