After months of stagnation, XRP broke the crucial $0.7-level as it scored double-digit gains over the past week. Despite this, the altcoin’s consolidation remained confined to rangebound slightly above $0.523.
Following the market-wide correction, XRP too lost edge as it noted a decline of 8.34% over the past 24-hours which drove its price to $0.527. At the time of writing, the coin held a market cap of $23.8 billion and a 24-hour trading volume of $10.22 billion.
As noted previously, the crypto-asset’s chance of hitting the coveted level of $1 remained highly unlikely as it found itself enduring a wave of sideways movement.
XRP Daily Chart:
Selling pressure intensified as XRP established a record-breaking high. Despite the fact that the coin was turned down at this crucial level, the daily moving averages continued to hold the fort for the bulls.
The 50 DMA [Pink] continued to dominate both 100 DMA [Blue] and the 200 DMA [Yellow] respectively. The gauge, however, did not appear to be on the rise meaning, which further validated the sideways drift as neither the bulls nor bears took control of XRP’s price. All three DMAs formed crucial support points for the XRP price candles.
Bearish Technicals
Despite the bullish streak in a recent couple of weeks, XRP’s technicals formed a contradictory picture as they appeared to be demonstrating a weakening positive momentum.
The MACD, for instance, underwent a bearish crossover in the first week of December. Even as the price recuperated, hints of a bullish crossover were invalidated by the signal line which continued to dominate the fate of MACD for nearly three weeks straight.
Closely mimicking the price action, RSI was turned down from the 50-zone as sell-pressure grappled the coin market.
While XRP’s price appeared to have come out of the steady downtrend that it followed since the start of the month, the weakening bullish momentum could, however, be a cause of concern. The resistance levels for the altcoin were found at $0.689 and $0.779 respectively. Additionally, it found crucial support at $0.455, $0.35, and $0.29 levels.