XRP Long-term Price Analysis - December 9

  • There is a potential for the current $0.30 mark to be broken southwards with a new low of $0.20 being a possibility.
  • A reversal against the $0.30 may allow the crypto to see a sudden rise in its price meaning it may b a good time to invest.

XRPUSD Long-term Trend – Bearish

  • Distribution territories: $0.50, $0.55, $60
  • Accumulation territories: $0.20, $0.15, $0.10

XRP has been on a bearish trend, as the crypto started its downward movements last week to hit the $0.35 mark. The crypto’s market price has since kept on declining, hitting a low of $0.30, below its 14-day SMA’s trend line.

Ripple, XRPUSD, Cryptocompare chartXRP Chart by TradingView

XRP has now been consolidating around the low it hit on October 11. The two SMA’s trend lines are currently at around $0.42 and $0.35, as the 50-day SMA is above the 14-day SMA.

The Stochastic Oscillators are dipped into the oversold zone, and it seems that a consolidation movement is now taking place. There is a potential for the current $0.30 mark to be broken southwards with a new low of $0.20 being a possibility. A reversal against the $0.30 may allow the crypto to see a sudden rise in its price meaning it may b a good time to invest.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.