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Ripple Price Analysis for December, 24th – XRP Seized Falling

By Dmitriy Gurkovskiy, author at RoboForex Blog

On Tuesday, December 24th, the XRP stopped falling. It is generally trading around $0.19.

On D1, XRP/USD keeps developing a downtrend after the renewal of the previous minimum. The main goal of the current movement is the psychologically important level of $0.1000. Convergence on the MACD signals a slow-down of the decline. It is too early to speak about a reversal yet, the change of the trend will be signaled by a breakaway of the resistance level near $0.2400.

On H4, after overcoming $0.2002, the quotations are trying to secure below, testing the broken level from there. The market is forming a short-term descending channel. The goal of the movement will be the support level at $0.1550. The end of the pullback and a new impulse will be signaled by a Black Cross on the Stochastic.

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A Bitcoin ex-developer considers the XRP token as senseless. He says the fact of owning the token does not allocate any real rights to the owner as long as the only reason for the coin to exist is for the Ripple income to increase.

There have been more and more comments like this lately. The wave of negative comments must have been activated by the news that Ripple received an investment amounting to $200 million inside the Tetragon Series C project. The finance is known to be assigned to the development of the company’s partnership with banks and the XRP token itself as an instrument of money transactions.

The company’s management noted that the fact of receiving such investment signals about a high level of trust in Ripple.

However, during the week, the volume of trades shrunk by more than a quarter amounting to $1.56 billion. In 2019, the XRP has fallen in price by 89% from $0.36 to $0.19 per token.

Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Dmitriy Gurkovskiy

Chief Analyst at RoboForex

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