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Peter Oleshchuk
Dec 31, 2021
by Peter Oleshchuk

XRP Technical Analysis: Risk of Collapse to $0.6

XRP

Table of contents

  1. Technical Analysis of XRP in the Daily Timeframe
  2. The XRPBTC Price Is Preparing for a Wave of Fall
The last trading week in the XRP market, as well as the whole crypto market, passed without much joy. Within a week, sellers were able to lower the XRP price by 10% and absorb the previous weekly candle. Trading volumes remain low. As long as the $0.79 mark remains under the control of buyers, the chances of a market reversal with the first target of $1.2 remain high. However, to implement this positive scenario, buyers need to make a good effort during the first two trading weeks in January 2022. The fact is that the probability of re-testing the mark of $0.79 is very high.

XRP

To ensure continued growth, buyers should not have allowed such a deep correction at all. Therefore, the availability of strength for buyers to form a new growth wave is now in question. If the XRP price stops at $0.79 within the next two weeks, this will be a good signal for the XRP market to turn around and test the top of the consolidation triangle trend line. The negative scenario for the XRP market will come after the breakdown and fixing of the XRP price below $0.79. In this case, the next stop in the XRP price will be in the range of $0.6. However, such a formation will indicate a high probability of continuing the market correction to $0.4. Thus, the next two trading weeks in the XRP market will be very important in determining the medium-term price trend.

Technical Analysis of XRP in the Daily Timeframe

TradingView Chart

The good initiative of buyers, which was reflected in the sharp growth wave on 18 December, was very easily suppressed. To confidently continue to increase the XRP price, buyers had to avoid lowering the price below $0.86. In the range of this mark, there was the liquidity that buyers tried to take control of from 4 to 18 December. As a result, buyers did not hold back the initiative and now there is a great threat of continuing the downward trend.

The worst thing in this situation is the fact of a slight fall without volumes. Pay special attention to the daily candle on 28 December. The price simply lowered to the liquidity zone without any resistance. This is a strong enough bearish signal, which suggests that the initiative of sellers is not yet at its peak.

The XRPBTC Price Is Preparing for a Wave of Fall

TradingView Chart

Analyzing the XRPBTC chart on the weekly timeframe, we see that buyers tried to break the trend line of sellers last week. However, the results of closing the weekly candle show that buyers do not have enough strength to break up. As long as buyers have a control range of 0.000017, the chances of growth with the first target of 0.000027 are there. But, this requires a beginning to show character.

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XRP Technical Analysis: Risk of Collapse to $0.6
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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