By Alicia Maher
Various signals indicate the price correction seems over as XRP price steadies around the $0.77 crucial support levels. The next crucial resistance is at about $0.90, which means XRP price will likely fluctuate around that range till the market sentiment becomes more positive.
The XRP Bear-Bull Tussle
The bears’ push of XRP price to sub-$1 levels will take a while before the bulls can push it back over the $1 levels. However, various analytics show that a short-term lower low is unlikely right now. XRP has created higher lows following the December 4 general crypto market crash, indicating the end of a downtrend.
XRP 24-hour chart. Source: TradingView
Despite the XRP price consolidating after the price crash, trading volume remains low. It is likely that this volume will remain low for some time to afford the bulls and the bears enough time to recover properly from this latest volatility.
The 24-hour RSI is presently at 28 as XRP makes efforts to get out of the oversold region. XRP could embark on a bullish run to surge past the crucial resistance when there is a reversal, and the RSI returns to over 30. The MACD remains bearish even though the histogram continues to create higher lows.
XRP establishes higher lows. Source: TradingView
Currently, the XRP bias indicates neutrality. Hence, the XRP price will keep fluctuating between crucial supports and resistances before attempting a breakout. If XRP keeps creating these higher lows, XRP price will likely embark on a strong bullish run.
Pushing Higher
A return for the XRP bears will push XRP further down the $0.77 support. The bulls have prevented a decline below this support level despite the December 4 crash. Hence, it would take a lot of push by the bears to break this support level.
A close on the 4-hour candlestick over the trend-line (shown in the image below) will confirm a bullish run and lead to the establishment of a higher high. Thus, on-the-fence buyers could invest and push the XRP price towards the $0.957 crucial resistance levels. This rise would indicate a 16% rise from its present price point.
Trend-line on XRP 4-hour chart. Source: TradingView
Conversely, a considerable selling pressure would push XRP further down, as previously discussed. This downward movement will annul the bullish analysis discussed above.
Top Canadian Exchange Is Delisting XRP
Meanwhile, one of Canada’s top exchanges, Newton, has announced the delisting of ripple’s governance token (XRP). The announcement states that USDT will also be delisted from the platform by December 20. However, they will still allow trading till December 31 before canceling withdrawals completely by the middle of next month.
Newton cited ripple’s regulatory issues with the sec as the reason for its decision. The exchange didn’t take action previously because it believed that ripple would win the jury’s verdict in its case with the sec. But recent updates in the case showed that the sec may now be the favorite to win the case. XRP’s week-on-week performance indicates a 16% loss as of this writing.