Ripple after moving a record high at $1.24 now facing selling pressure against the USD. Here is the 22-24 December Ripple Technical Prediction.
22 December, AtoZForex – Ripple (XRP), a top-five cryptocurrency with a thumping market cap of more than $46 Billion market cap, is down approximately 20% to $0.82880 on Friday. The Ripple price reached its all-time high of $1.24 on Thursday. Moreover, the Asians are going mad for Ripple as trading volumes increase over the last 24 hours by nearly 25% at South Korean exchange Bithumb and 10% on Bitfinex in Hong Kong. Is it worth to buy Ripple now?
22-24 December Ripple Technical Prediction
The Ripple started the year worth about one cent and now traded above a dollar because of banks in Japan and South Korea experimenting the use of Ripple’s technology for flash-transactions.
Also, Zencash Co-Founder, Rob Viglione said:
“The entire cryptocurrency industry is exploding and ripple has done a great job positioning itself as one of the key entry points for institutional investors.”
According to the charts, the Ripple reached the all-time high at $1.24 and from where the downside correction was started. It seems like a correction may extend to $0.60 – $0.70. The traders should take the position at $0.60- 0.70 level below 50% Fibo. retr. level if there was an extension of correction. The XRPUSD Price might cross 78% retracement level and touch the weekly resistance level by the end of this week. I am highly bullish on Ripple. My Ripple price target is above $1 by the weekend.
The relative strength index(14) value is 71.572 which signify buying in the daily timeframe.
The MACD(12,26) value is 0.179 gives buying signal in daily charts.
Moreover, according to ATR(14), the XRPUSD pair is highly volatile.
The Ripple has significant support near $0.85 level and resistance at $1.25 level.
Ripple Pivot points
What’s your opinion on the 22-24 December Ripple Technical Prediction? Let us know in the comment section below.