Advertiser disclaimer

XRP/USD Navigates at $0.65 – Symmetrical Triangle in Play

author
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on December 11, 2023 | 2 min
Updated on Dec 11, 2023
Advertiser disclaimer
  • XRP faces immediate resistance at $0.6481, crucial for reversing bearish trend.
  • Support levels at $0.5327, $0.4805, and $0.4294 offer a safety net against potential bearish trends.
  • Breakout from symmetrical triangle pattern crucial for determining XRP’s next move.

The XRP/USD pair currently navigates the murky waters of the cryptocurrency market, trading around $0.65. Amidst the broader market’s fluctuating sentiments, XRP’s movement is tightly confined within the bounds of a symmetrical triangle pattern, offering hints of impending volatility. This technical formation, often seen as a precursor to significant price swings, places Ripple XRP at a critical juncture. Investors and traders alike are closely monitoring this pattern for clues on whether Ripple will break out to the upside or succumb to bearish pressures, marking this period as a pivotal one for Ripple’s native currency.

Show more
XRP/USD Price Chart
XRP/USD Price Chart – Source: Tradingview

Ripple (XRP) Price Prediction: Technical Outlook

In the ever-evolving world of cryptocurrency, Ripple, currently ranked as the fifth-largest by market capitalization, presents a unique case for analysis. As of December 11, the live XRP price hovers around $0.652745, marking a 2.31% decline in the last 24 hours. The trading volume for the same period stands at an impressive $1.19 billion. XRP’s market cap, a solid indicator of its market presence, is at $35.22 billion, supported by a circulating supply of approximately 53.96 billion coins, out of a maximum of 100 billion.

Delving into the technicals, the pivot point for XRP/USD is identified at $0.5971. This level serves as a crucial juncture, determining the short-term market trajectory. Resistance levels are observed at $0.6481, $0.7137, and $0.7659. These points represent significant hurdles for the coin to overcome in its quest for upward momentum. Conversely, the support levels at $0.5327, $0.4805, and $0.4294 offer a safety net against potential bearish trends.

The Relative Strength Index (RSI) of the coin stands at 38, suggesting a bearish sentiment as it falls below the neutral 50 mark. This indicates that selling pressure currently dominates the market. Complementing this is the Moving Average Convergence Divergence (MACD), which sits at -0.0059, trailing its signal line at 0.0011. This crossover implies potential downward momentum, adding to the bearish outlook.

The 50-Day Exponential Moving Average (EMA) at $0.6432 serves as a key indicator, with the current price wavering below this level, signifying a short-term bearish trend. The chart patterns, particularly the symmetrical triangle, suggest that XRP is receiving support at $0.5980. A breakout from this pattern could dictate the future course of Ripple’s price movements, either bolstering or weakening the current bearish outlook.

In conclusion, the overall trend for XRP/USD is bearish below the $0.6480 threshold. The market’s short-term focus is on whether Ripple can breach its immediate resistance levels. A successful attempt may reverse the bearish sentiment, whereas failure to do so could see the coin test lower support zones.

Stay tuned for more updates!

author
About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
Other categories