Despite a cautiously optimistic technical outlook, Ripple’s XRP has recently faced a downturn, dropping by 4% amidst a whopping $1.2 billion trading volume.
As of December 16, the digital currency is trading at $0.620, marking a marginal 0.50% increase over the last 24 hours. Its significant trading volume places XRP as the fifth-largest cryptocurrency with a market cap exceeding $33 billion.
This recent dip raises questions about potential whale activities, stirring speculations if major holders are selling off their stakes before January.
XRP Price Prediction
On the technical front, the 4-hour chart reveals a pivotal point at $0.6383, indicating critical junctures in XRP’s trajectory. The immediate resistance levels are observed at $0.6697, $0.7000, and $0.7332.
On the downside, Ripple finds its support at $0.5981, $0.5671, and $0.5401, which are crucial for sustaining the bullish momentum.
XRP Price Chart – Source: Tradingview
The Relative Strength Index (RSI) currently stands at 46, suggesting a neutral to bearish market sentiment. Additionally, XRP’s current position below the 50-Day Exponential Moving Average (EMA) of $0.6300 further corroborates the bearish trend in the short term.
A notable feature in XRP’s chart is the formation of a symmetrical triangle pattern, indicating a phase of consolidation. However, a potential breakdown below the $0.5980 level, coupled with a closing below the 50 EMA, signals a stronger inclination towards selling.
In conclusion, the current technical analysis of Ripple suggests a bearish outlook below the key pivot point of $0.6383. The short-term forecast anticipates the asset testing various resistance levels if a reversal trend emerges.
However, the prevailing consolidation pattern and bearish indicators warrant caution among traders and investors in the immediate future.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post XRP Price Prediction as $1.2 Billion Trading Volume Sends XRP Down 4% – Are Whales Selling Before January? appeared first on Cryptonews.