finbold.com
After weeks of rallying, XRP’s price is now consolidating in line with the general cryptocurrency market price trajectory. Amid the recent rally, XRP investors have been looking forward to the asset regaining the $0.50 position, which acts as a critical support level towards the elusive $1.
Indeed, crypto trading expert, Michaël van de Poppe has noted that XRP is consolidating at the current price level as the Ripple native token attempts to find a support position before embarking on a massive breakout, he said in a YouTube video on December 4.
“We’ve got a bullish divergence, and then we are reclaiming the actual range low around $0.15. Right now, we’ve got a big breakout taking place. We are consolidating again, which is very typical for the price action of XRP, which is going to be waiting for a big breakout. <…> You are looking at for potential entries, of course, if a retest takes place around $0.17,” he said.
XRP’s momentum towards $0.50
As things stand, XRP is trading at $0.39 with a daily correction of about 1%. In this line, Poppe noted that if XRP restest occurs around $0.17, the level could act as a trigger as the asset will be looking for longs.
“If we crack resistance, on the other hand, which is this high at $0.41, we are most likely going to continue moving towards $0.49,” he added.
The analyst added that price movement in other altcoins could hint at the next XRP price action. Poppe stated that with Litecoin (LTC) showing strength ahead of the halving event, XRP could soon follow suit.
The latest XRP prices come after the token was delisted from the Coinbase Wallets, with the platform citing low usage. Interestingly, Poppe pointed out that the delisting will have little implication on the price movement of XRP.
XRP technical analysis
Furthermore, XRP technical analysis is bearish, with a summary of the daily gauges recommending a ‘sell’ at 12, while moving averages are for a ‘strong sell’ at 11.
The bearish momentum is extended to XRP’s Christmas Day 2022 prediction. As reported by Finbold, based on several technical analysis, XRP is projected to trade at $0.308 on December 25.
Overall, the XRP community will be looking for further development around the ongoing case between Ripple and the Securities Exchange Commission (SEC). Notably, previously, XRP has rallied with Ripple recording minor wins.
Furthermore, as the matter nears a conclusion, XRP will likely rally if the presiding judge rules in favour of Ripple.
Watch full video below:
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.