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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.