Key Highlights
- XRP now trades and fluctuates between the levels of $0.17 and $0.20
- The coin is expected to reach a high of $0.23 if the price breaks out
Ripple (XRP) Current Statistics
- The current price: $0.19
- Market Capitalization: $8,350,661,410
- Trading Volume: $1,383,078,256
- Major supply zones: $0.20, $0.23, $0.26
- Major demand zones: $0.18, $0.15, $0.12
Ripple (XRP) Price Analysis December 24, 2019
Recently, Ripple’s XRP slumped to the $0.17 low after the bulls fail to overcome the $0.23 supply zone. The coin went down like a pack of cards but XRP recovered as it trades below the $0.20 price level. It has been observed that the bulls have not been able to trade above the $0.20 supply zone. The bulls and bears tussle with the price between the low of $0.17 and a high of $0.20. Attempts have been made to break the $0.20 price level but to no avail.
On each occasion, the bulls are repelled and the coin will retrace and make another move. Expectations are high that a breakout is very near. For instance, a break above the $0.20 price level will push XRP to the next supply zone of $0.23. On the contrary, if the bulls continue and fail to break above the supply zone, a retest on the $0.17000 demand zone is likely.
XRP Technical Indicators Reading
The Relative Strength Index period 14 level 35 indicates that XRP is falling and approaching the oversold region of the market. The 12-day EMA and the 26-day EMA are pointing southward indicating that the market is falling.
Conclusion
Ripple (XRP) is ranging because the coin has failed to trade above the $0.20 supply zone. There is price rejection each time the bulls attempt to break the $0.20 price level. In a few days to come, a breakout or a break down is imminent. Traders should wait to know the direction of the market. For instance, new buy setups will become necessary, if the coin breaks down at the current low.
Suggestion:
Bitcoin Price Analysis: BTC Rebounds, Targets Key Resistance at $8000
Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.
