The price of XRP plummeted to $2.40 after a loss of over 9%.
The trading volume of XRP has decreased by 31.71%.
Bitcoin (BTC) has reached the long-awaited $100K goal and is trading at $102,822, fueling the momentum for altcoins. The largest altcoin, Ethereum (ETH), is on the verge of hitting $4K, priced at $3,924.
The anticipated December gains are gaining traction in the crypto market. However, Ripple’s native token, XRP, has encountered a notable plunge in price of over 9.15%. The altcoin has observed its lowest and highest traded prices at $2.19 and $2.66, respectively.
XRP price chart (Source: CoinGecko)
At press time, the asset’s crucial resistance is noted at $2.45. In the afternoon, the altcoin trades at $2.40, with its daily trading volume resting at $26.71 billion. Consequently, a $55.31 million liquidation of XRP was observed in the market during this timeframe.
XRP price has surged over 370% in the last thirty days, and it continued gaining momentum by 65% over the past week. The asset hit its weekly high of $2.81, from a low of $1.45.
Can XRP Reverse Its Current Slump?
The daily window of XRP exposes the short-term 9-day moving average above the long-term 21-day moving average at $2.05 and $1.18, respectively. In addition, the asset is located in the neutral zone in the market, as the daily relative strength index (RSI) is positioned at 51.43.
XRP’s four-hour technical analysis reports that the Moving Average Convergence Divergence (MACD) line settled beneath the signal line, suggesting downside momentum, which can be interpreted as a potential sell signal.
XRP chart (Source: TradingView)
Besides, the Chaikin Money Flow (CMF) indicator, settled at 0.09, infers positive money flow and buying pressure, which implies a favorable condition for buyers. Meanwhile, the trading volume of XRP has dropped by 31.71%.
If the altcoin’s current bearish momentum heightens, it could face a pullback, testing the support level at $2.20. Assuming XRP carries further downside risks, a crucial support level might form at $2, potentially reversing its recent gains.
In case of strong bullish momentum re-enters, XRP could be testing its crucial resistance level at the $2.58 mark. As long as the altcoin holds above this level, new highs could be touched at $3.
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