After hitting a short-term high over the 1.00000 mark on the 22nd of December, XRP/USD has resumed its bearish trajectory and is testing key support ratios as January gets set to begin.
Ripple is trading near 0.83000 cents as of this writing and January lurks. A vicious spike lower in early December saw XRP/USD fall to nearly 62 cents, but quickly rebound and then maintain a range which largely consisted of 80 cents to 1.00000 USD in value the past few weeks with the occasional outlier. XRP/USD remains a volatile digital asset like its cryptocurrency counterparts.
After traversing slightly above the 1.00000 level on the 22nd of December, XRP/USD has faced headwinds. XRP/USD has not been able to capture the zeal of the speculative cryptocurrency world like many of its major counterparts. Ripple achieved a price of nearly 2.00000 in April of 2021, but has failed to challenge that high since then. In September, XRP/USD did see a value near the 1.41000 mark, but it then faced headwinds and a low of nearly 0.86000 cents was seen on the 20th of September. In the second week of November XRP/USD did manage to climb to about 1.35000, but has struggled since this accomplishment.
The past couple of months of trading for XRP/USD have seen a rather strong downturn. The current value of Ripple near the 83 cents level is hovering over important support and should the 80 cents mark prove vulnerable and trading is sustained near this ratio, nervous selling sentiment could generate more momentum. Having witnessed a strong flash crash towards the 62 cents ratio in XRP/USD in early December, a slow traverse downward would not be a good signal.
Technical traders who remain optimistic of XRP/USD may need to see solid price action develop for them to become brave enough to pursue positive trajectory. While a reversal higher could certainly be welcome and a move towards resistance levels near 1.00000 would be a sizable move, the question is how long this price action will take to be demonstrated. Traders looking to be buyers may feel XRP/USD has been oversold, but if the 80 cents ratio is penetrated lower, this could turn off even optimistic bullish perspectives.
The past few months of trading for XRP/USD have not been kind for traders with long-term perspective, the trajectory has been rather bearish. If current support levels should falter and XRP/USD begins to test early August values, sellers of Ripple could grow in courage and believe the 68 cents target is legitimate.
Ripple Outlook for January
Speculative price range for XRP/USD is 0.52000 to 1.15000.
While XRP/USD frequently mirrors a correlated result with the broad cryptocurrency market, it should be remembered that Ripple has a utilitarian business use via the banking world. However, this doesn’t insure that XRP/USD will remain in high demand, and the digital asset certainly remains speculative. If current support levels fail to hold for XRP/USD and the 79 cents price level starts to be flirted with bearish traders may want to target values below for quick hitting short positions. Ripple needs to be treated carefully like all other cryptocurrencies and the use of leverage should remain cautious.
If speculators believe current support levels are important and will hold, buying XRP/USD may prove to be worthwhile. The inclination to be a buyer on moves lower towards the 81 to 80 cents level may be tempting for wagers seeking reversals higher. It is highly encouraged that stop loss tactics are used. If XRP/USD begins to see sudden momentum build and the 87 to 90 cents levels challenged, this could mean a move higher may be exhibited. The 1.00000 remains a key psychological juncture for XRP/USD, until this mark is toppled and sustained for a solid duration, trading conditions may remain choppy with frequent reversals.
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