Ripple (XRP) Consolidates Beneath $1 as Bulls Try to Regroup

Ripple is Planning to Launch Dollar-Based Stablecoin to Compete Against USDT and USDC

Ripple’s RP managed to halt its downtrends and consolidate at the moment while searching for a new direction.

  • Vital support levels – $0.75 and $0.70
  • Critical resistance levels – $0.89 and $1

For now, XRP retracement appears over. The altcoin has its price consolidating beyond the crucial support of $0.75. Meanwhile, the critical resistance sits at $0.89. XRP might maintain this price area until the Ripple market sees improved confidence.

The break under $1 was a massive defeat for XRP bulls, and it might take time for Ripple to recover. While posting this analysis, bears seem exhausted, and the chances to make a short-term lower low faded. Since the December 4 crypto crash, XRP has recorded higher lows, a lucrative signal revealing downtrends ended.

XRP Technical Indicators

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  • Trading Volume

Volume remains low after the previous crash as Ripple consolidates. That might proceed for some time as bears and bulls recover from the latest volatility.

  • Relative Strength Index

The daily Relative Strength Index tries to escape the oversold regions as its stands at 28-level currently. If the indicator reverses to climb above 30, XRP might overcome the critical resistance.

  • Moving Average Convergence Divergence

The MACD still displays a bearish outlook, though the histogram presents higher lows. It is a lucrative move, and Ripple might surge if this persists.

Ripple Bias

For now, XRP has a neutral bias. The remittance token might see its price consolidating between crucial resistance and support zone for some time before Ripple tries a breakout.

However, Ripple did not perform well this year. The legal battle with the United States SEC has translated to negative sentiment, weighing on Ripple’s price moves. However, the crypto project’s CEO revealed that the lawsuit would end in the coming year. If that happens, XRP will receive additional fuel to rally higher.

XRP Price Near-Term Prediction

If bears rejoin the market to test XRP’s resilience once more, the cross-border transaction token may hit the support at $0.75. However, the bulls have defended this vital zone twice. Will bears succeed this time? Stay tuned for more.

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Author: Michael Ellis

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