- XRP price Is down 80% since all-time highs.
- Ripple hovers below all three daily moving averages.
- Invalidation of the bearish thesis is a breach above.
XRP price is putting up a fight against the bearish stronghold but has yet to score a win against the attack. If market conditions persist, the Ripple bears could breach this year's low.
XRP price consolidates
XRP price is at an 80% loss of market value since the all-time highs at $1.98 were established in April 2021. On December 24, the digital remittance token hovers above a trend line that has consistently provided support throughout summer and the fall. As the price floats above the barrier, the bears have a few indicators in their favor suggesting XRP will revisit the low end of the range near $0.31 and potentially breach the yearly low at $0.298.
XRP price is trading at $0.35. The bulls and bears have sparred over a 4% range between $0.33 and $0.35 for more than a week. The 50-day, 100-day, and 200-day simple moving averages hover above XRP's current trading range. Classical price action traders would argue that Ripple is in a definitive downtrend based on the indicators' position in the market.
If the market is genuinely bearish, the next attempt at the weekly low at $0.33 could be the catalyst for a sweep-the-lows event targeting $0.298. The bears could tread into 2020 liquidity levels in the mid $0.20 zone due to the breach of the yearly low.
XRP/USDT 1-Day Chart
Invalidation of the bearish thesis is possible, but the bulls will need to first hurdle above the 50-day simple moving average at $0.40 to justify aiming for higher targets within the monthly consolidative zone. The next bullish targets would be the 100-day and 200-day simple moving averages at $0.42 and $0.48. The bullish scenario creates the potential for a 40% upswing move if the bulls are successful.
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.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.