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You are here: Home / News / Altcoin News / XRP Crashes By Over 30%; Extended Correction Ahead
XRP Crashes By Over 30%; Extended Correction Ahead

XRP Crashes By Over 30%; Extended Correction Ahead

December 24, 2020 by Chayanika Deka

XRP lost the third spot on the cryptocurrency ladder following reports of the SEC filing a lawsuit against Ripple and two executives emerged. The coin has shed almost all the gains racked up as the investors responded with a massive sell off to official charges alleging the token is an unlicensed security.

The strong corrections had led XRP to break several crucial support levels as it was found trading close to levels not seen since early November. Over the last 24-hours alone, XRP fell by a staunching 33.72% which drove the coin to a value of $0.323. At the time of writing, the crypto-asset registered a market cap of $14.92 billion and a 24-hour trading volume of $17.41 million.

But is revival on the cards? Let’s take a look at what the charts depict.

XRP Daily Chart:

XRP 4 e1608726723104

XRP’s massive downturn led to its price two critical support points at $0.46, $0.339 and was heading yet another target level of $0.29. Following the poor price movement, the XRP price candles slid below the daily moving averages – 50 DMA [Pink] and 100 DMA [Purple] while it appeared to be testing support near to the 200 DMA [Yellow].

Apart from the candles dropping substantially, the gauge between the moving averages have not declined which indicated the downtrend could limit in the short-term.

2 6 e1608727431493

The abrupt crash has flipped several technicals bearish depicting the price of the token could go for yet another downward spiral. The dotted markers of the Parabolic SAR aligned above the XRP price candles resisting a much-needed upward break.

The MACD generated a weak sell signal as it continued the bearish crossover under zero despite attempts of a trend reversal. A move by the MACD into bearish territory can confirm that XRP was heading to make more losses in the near-term.

The RSI also showed selling pressure intensifying. However, it may falter from here as it neared the oversold zone and a crucial support. While the sell pressure grapples XRP, a case of rebound cannot be dismissed.

The support-turned-resistance level for the coin stood at $0.46, while other upward target points were found to be at $0.581, $0.695 and $0.77. However, a failure to avoid a fall through the $0.293 pivot would bring the nearest support level of $0.285 into play.

Filed Under: Altcoin News, News Tagged With: Ripple (XRP), Ripple XRP

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