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XRP Price Falls By 20%-Is This The Beginning Of A Significant Market Correction

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On December 10th, in our XRP price analysis, we raised the question of whether Ripple could be facing a trend reversal. This possibility was primarily justified by the bearish breakout from a larger symmetrical triangle. Since then, the XRP price has plummeted another 15.6% and is currently trading at 0.45 USD.

Read Our XRP Price Analysis published on Dec-10

https://thecryptobasic.com/2020/12/10/ripple-threatens-a-price-drop-of-50/

Now the third-largest cryptocurrency by market capitalization has lost further support of 200 moving average shown as a red line on the 4H chart, which speaks for further downside potential, at least in the short term.

XRP price analysis

50 moving average shown as the blue line on the 4H chart turned into resistance and is increasingly pushing down the price of XRP.

Next levels of support for the XRP price

We have projected two support lines for the XRP price on the daily chart to show the next available support levels that lie between the current price and the minimum price target of just under $ 0.30.

This minimum price target from a statistical point of view is a trend reversal that occurs in only 57-62 percent of cases. This means that the probability is slightly higher than it will be achieved than that it will not be achieved.

Ripple price analysis

We have drawn the next two support lines on the daily chart as horizontal green lines in the above image. These support levels are at 0.46 and 0.44 USD.

The next support after these levels is the 50 moving average line on the daily chart shown in blue, which is at 0.40 USD.

We see that the XRP Price is relying on some support levels. The critical question is whether the selling of XRP tokens is primarily due to the Spark Token Airdrop or whether this is a normal correction for Ripple along with the entire crypto market.

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Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

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