December 6, 2022

Ripple Price Analysis: XRP Bears Poke Faces, Chart 10% Daily Loss

2 min read

Key Support levels: $1

Key Resistance level: $1.2

Regrettably, the bulls were not able to sustain the XRP cost above $1.2, and it was pushed lower towards the support level at $1 throughout today’s market slump. For this reason, the previous support at $1.2 has actually turned into resistance. $1 stays a strong level, and it would be rather unexpected to see the rate close listed below it in the near term.

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< img class="size-full wp-image-151799 "src ="https://cryptopotato.com/wp-content/uploads/2021/11/img1_xrp-4.jpg"alt= "img1_xrp"width ="1280" height ="574 "srcset=" https://cryptopotato.com/wp-content/uploads/2021/11/img1_xrp-4.jpg 1280w, https://cryptopotato.com/wp-content/uploads/2021/11/img1_xrp-4-300x135.jpg 300w, https://cryptopotato.com/wp-content/uploads/2021/11/img1_xrp-4-1024x459.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2021/11/img1_xrp-4-768x344.jpg 768w, https://cryptopotato.com/wp-content/uploads/2021/11/img1_xrp-4-50x22.jpg 50w "sizes ="(max-width: 1280px) 100vw, 1280px"/ > Chart by TradingView Technical Indicators Trading Volume: Volume increased on this drop to the$1 support level. This reveals the bears

are in control of the price action, however it appears unlikely they can push XRP listed below$ 1 as the bulls have actually defended this level rather well in the past. RSI: Due to this most recent drop in rate, the RSI has actually taken a nosedive, especially on the 4-hour timeframe where it has actually reached the oversold zone, which lies under 30 points. This is bearish.

MACD: Unfortunately, the MACD on the daily timeframe finished a bearish cross two days ago, and today’s cras heightened the drop of the moving averages. Till the pie chart makes a higher low, the bias stays bearish.

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Chart by TradingView Bias

The predisposition is bearish on XRP due to this most recent drop and the truth that the price fell under $1.2. XRP may combine around $1 in the near term unless the bears attempt another push under $1.

Short-Term Prediction for XRP Price

Because the uptrend from recently was reversed, at this time, the best-case scenario for XRP is to hold above $1. A drop below this key assistance level appears unlikely, however it is too early to be certain as the bears may attempt another push lower, depending on the market conditions.