The XRP price prediction stays bullish for the short term as well as for the long term. It suggests buyers are active near to the demand zone and might show a decent bounce. The XRP crypto faced rejection from the $0.7000 level and retraced back to the 50-day EMA.
The presence of sellers is also visible and they are trying to pull the price down to below the 50-day EMA. If bears succeed, it might trigger negative sentiment and the price might decline 5% to 10% in a short period.
The 200-day EMA and $0.5479 level may act as strong support for the bulls. So, it will be difficult for the sellers to take control of the demand zone.
At the beginning of November, Ripple’s XRP price woke up after a two-month-long consolidation. It broke out of the higher range at $0.5400 with a high buying volume.
Slowly and steadily, the XRP crypto price gained momentum and rallied 35% in just a few trading sessions. It later took a swing hit at $0.7492 and witnessed minor profit booking.
Will the XRP Coin Price Defend the Demand Zone?
The XRP coin price corrected approximately 15% from the recent swing high and returned back to the demand zone. At present, no signs of bounce back are visible but due to the strong presence of buyers, it will be risky to build fresh shorts.
Till Ripple’s XRP crypto price sustains above the $0.5479 level, the investors are safe. New participants might enter in XRP when signs of upside reversal will be visible.
The analysis suggests the XRP price is mildly bullish and buyers are active at support. So, it might anytime show a bounce and regain momentum.
Ripple’s XRP Price Fell 9% in the Current Week
Ripple’s XRP price fell approximately 9% in the current week and formed a bearish candle. It shows that sellers are also active and trying to erode the previous gains.
The overall crypto market is also witnessing correction. So, it indirectly affects the XRP token and fresh buyers look reluctant to build longs.
The super trend generated a sell signal, which suggests that as long as the price stays below $0.6847, the short-term trend will remain down. The RSI at 42 sloping downward denotes weakness. Therefore, investors must wait for confirmation of upside reversal to build longs otherwise they might get trapped.
Conclusion
The XRP price prediction stays bullish till it sustains above the demand zone. However, the buyers look reluctant to build fresh long due to fear of further sell-off.
The analysis suggests that the short-term direction of the XRP token is not clear. So, investors must wait for the confirmation of the upward reversal to build fresh longs.
Technical levels
- Resistance levels: $0.7492 and $0.9000
- Support levels: $0.5479 and $0.4582
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2023/12/13/xrp-price-prediction-xrp-returned-to-the-demand-zone-what-next/