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XRP Price Analysis for December 19

Can traders expect a breakout of $0.60 shortly?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The cryptocurrency market has no plans to enter the correction zone even on the weekend as almost all of the Top 10 coins are in the green zone. XRP is the only exception to the rule, declining by 0.93%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The market capitalization has also increased since yesterday. The growth has accounted for around $6 billion.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for XRP looks the following way today:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $26,430,375,369

  • Price: $0.581923

  • Volume (24h): $12,076,279,461

  • Change (24h): -0.68%

The data is relevant at press time.

XRP/USD: Any chances left of fixing above $0.60?

XRP is the only coin among the Top 10 coins whose rate is located in the red zone. The price of the third most popular coin has gone down by 0.74% since yesterday.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

On the hourly chart, XRP has the chance to retest the local resistance at $0.6139. However, it is too early to consider the update of the peak levels as the bulls' power is not enough now based on liquidity and low trading volume.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

On the 4H time frame, the sideways trend is the more likely scenario as XRP needs to accumulate more power before further growth. In this case, the coin may locate in the range of $0.60-$0.62 soon.

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Thus, high liquidity in that area supports such an option.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

Despite the drop from almost $0.80, bulls have managed to seize the initiative. At the moment, XRP is slowly approaching the $0.6525 mark. If bulls can break it, the next target is the retest of $0.79 and setting new peaks of 2020.

XRP is trading at $0.5854 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com