XRP: Technical Analysis Report | 8th-December-2022

XRP Ledger also features the first decentralised exchange (DEX) and custom tokenization capabilities built into the protocol. The XRP Ledger has been working reliably since 2012 and has completed 70 million registrations. The bears successfully defended the 20-day EMA ($0.39) for the past few days, pushing XRP below the uptrend line on December 7th. Buyers will try to salvage the situation by defending the strong support at $0.37. The asset price has risen by 2.82% in the last 24 hours while the volume has fallen by 13%.

At the time of writing, XRP was trading at $0.388

Ripple XRP Chart | 08th December 2022
Ripple (XRP) Chart

XRP after making the low of $0.287 has rallied almost by 94% up to $0.559 within 3 months. The asset faced stiff resistance at $0.55, witnessed a sharp correction, and prices dropped to $0.3160. However, the bulls defended the previous lows and started consolidating. Currently, XRP is trading and forming a ‘Symmetrical Triangle’ with low volumes. The prices are resisting their 50-Day Moving Average and downsloping trendline whereas the upsloping trendline is acting as strong support. Breakouts on either side of the pattern with good volumes will decide the trend for the asset.

Support 2Support 1AssetResistance 1Resistance 2

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