XRP Price Analysis: 15 December

The month of December has been disappointing for XRP. The token hasn’t been able to recover a position above $0.68 and now it was below its immediate support, turned resistance at $0.52. The bullish momentum has slowed down but there were signs of short-term revival. However, it might be a little more difficult than expected to rally back above its current resistance levels.

XRP 1-hour chart

As illustrated in the chart, XRP has gradually declined in the present month, and on 12th December, it dropped under the support of $0.52. While the price has continued to decline, its movement has been currently restricted under a falling wedge pattern. A falling wedge pattern leads to a bullish breakout but at the moment, the likeliness of such a turnaround seems minimal. XRP is valued at $0.484 at present, and the asset has to re-trace from $0.46 to have any chance of pulling back above $0.52.

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There are a couple of mixed signals at the moment. The 50-Moving Average is signifying high selling pressure as the asset tumbled under the indicator. However, a major bullish indicator is the fact that the trading volume has declined alongside price, so any surge in volume may trigger a bull run.

Market Reasoning:

Source: XRP/USD on Trading View

Stochastic RSI would allow XRP traders to be optimistic as the blue line appeared to complete a bullish crossover at the oversold region, which may trigger a surge in the next few hours. Awesome Oscillator or AO is extremely bearish at the moment, with bears pulling in higher momentum.

MACD continues to indicate a bearish trend but RSI may trigger a reversal soon.

Important Range:

Resistance: $0.68, $0.52
Support: $0.46, $0.42
Too risky and uncertain to open a long position

Conclusion

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While XRP does have the signals indicating a bullish rise, the collective market is presently dull so the asset surging on its own is a long stretch. However, the asset may recover a position above $0.52, if a positive re-test is attained at $0.46 support.