XRP, one of the top three cryptos of the global market, is seen trading in red with intraday bearish candlewick below $0.55, while currently trades with a slight gain at $0.561. Tracking cues from the largest cryptocurrency price movement by market capitalization, Bitcoin, it is clear that the Bull Run’s coming to a silent halt as the major cryptos turn flat with considerable changes the intraday and no abrupt change reflected.
However, we cannot just consider it as the end, as XRP gives a bullish vibe at the moment. XRP, after having nosedived below $0.455 on the daily chart in the previous week, is now seen booking a profit of over 20%. In this respect, the major support lies at $0.350, and currently, a minimal declining trend is likely to form from the weekly highs, as the Bull Pennant reflects.
— JC Hodler 🚀🌛 (@jc_hodler) December 20, 2020
XRP Price Analysis
At the press time, the XRP price was seen trading at $0.56 with a slight downtrend seen forming from the weekly high marked above $0.650. However, this is a correction of approximately 10 cents against the greenback but is undoubtedly holding active support as the market momentum relaxes.
As per the XRP price prediction and technical analysis, the coin might face a breakout in the upcoming days. The Bollinger Bands are seen squeezing on the 2-hourly chart, and which confirms the possibility of a breakout with no support from the medium-term MA, i.e., 50-day MA lost at $0.577. The XRP price holds slight support from 200-day MA around the immediate test point at $0.556, but the current momentum will lead to testing the same before the midweek.
The MACD, in this regard, is drawing a clear bearish crossover right after the coin is declining from the weekly highs of $0.65. Alongside, the RSI of XRP is also seen inclining towards the oversold region due to diminishing demand as the coin tests major support, lies at 43.74.
Contradictory to the above 2-hour chart, if we glance at the daily chart, we see that the Bollinger Bands do not reflect an extreme widening trade situation. Therefore, the volatility will at bay, but the breakout is confirmed in the near-term. On the daily chart, XRP price retains complete support, unlike the hourly movement and the support remains clear at $0.35.