Back

XRP Price Analysis for December 22

Can XRP restart the rally to $0.60 by the end of the year?

article image
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.

After a short-term correction, most of the coins have come back to the bullish zone; however, they have not all done so. XRP is the only crypto out of the Top 10 digital assets that is still under bears' dominance.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The cryptocurrency market index has almost increased by around $10 bln and is now at $645 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for XRP is looking the following way:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $21,972,249,808

  • Price: $0.478856

  • Volume (24h): $11,429,778,802

  • Change (24h): -5.81%

The data is relevant at press time.

XRP/USD: Can a retest of $0.60 happen by the end of 2020?

Yesterday, bearish pressure increased, and the psychological level of $0.50 could not keep the price of XRP from falling toward the support of $0.480.

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

The pullback of the pair stopped at the point of $0.476 and, by morning, the price stabilized in the short-term sideways range. However, today the decline may continue to the area of the December minimum of $0.437. If the trading volume does not exceed the average level, then the decline will be limited to the support of $0.44.

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

On the bigger time frame, XRP may face short-term growth as the altcoin has successfully bounced off the EMA 55. Thus, there is almost no liquidity in the area of $0.40.

👉 MUST READ XRP, LTC, ADA and LINK Price Analysis for December 21related article image

However, a potential bounceback may occur as a correction after a sharp fall, but not continued growth as the selling trading volume remains high.

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

On the weekly chart, XRP remains bullish as bears have failed to push below $0.4370. The selling volume is low, which means that nothing has changed in the long-term perspective. In this case, XRP may come back to the resistance at $0.79 after trading sideways.

XRP is trading at $0.4963 at press time.

 

Subscribe to CryptoComes.com on Twitter,and get involved in all top daily crypto news, stories and price predictions!

article writer image
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