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XRP Price Analysis for December 27

Have bears seized the initiative in the long-term view?

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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.

On the last day of the week, the bullish mood can be applied mostly to Bitcoin (BTC) as it is the main gainer. The price rise of the chief crypto has accounted for almost 10%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Respectively, the dominance rate of Bitcoin (BTC) has increased in recent days and is now 70.9%.

BTC’s market share
BTC’s market share

The relevant data for XRP:

  • Name: XRP

  • Ticker: XRP

  • Market Cap: $12,653,251,683

  • Price: $0.285190

  • Volume (24h): $9,364,214,654

  • Change (24h): -5.59%

The data is relevant at press time.

XRP/USD: Can the $0.20 level be tested by the end of 2020?

XRP is the main loser today as the rate of the third most popular coin has fallen by 7.40% since yesterday, while the price change over the last week has made up -51.64%.

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

On the daily chart, XRP has bounced off the support at $0.2673. The potential short-term rise is supported by a high buying trading volume and liquidity level.

👉 MUST READ BTC, XRP, LTC, BCH and ADA Price Analysis for December 25related article image

However, such a move is just a correction after a fall but not a bullish trend revival.

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

On the longer time frame, XRP could not fix above $0.3782, which means that there is a high chance to retest the $0.2460 level. If buyers do not hold this level, bears may seize the initiative in the long-term perspective.

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

On the weekly chart, XRP is mostly dominated by sellers based on the trading volume. If bulls cannot fix above $0.30 next week, the next target might be the far support at around $0.11.

XRP is trading at $0.2807 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