XRP Price Nosedives 38% Today Following SEC Charges, Can It Recover?

Published December 24, 2020 | Updated December 24, 2020

xrp
XRPUSD chart by TradingView

XRP Price Nosedives 38% Today Following SEC Charges, Can It Recover?

Key Highlights:

• Ripple fell back to two-month trading level after a sharp dive below the current monthly support level
• It lost the third spot to Tether following a 38% drops over the last 24-hours trading
• This bearish action is likely to continue if XRP price fails to find support above $0.30

XRP Price Analysis

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Ripple saw a further loss today following a series of rejection from $0.78 level in November. But the latest SEC charges against the cryptocurrency has painted more bearish picture on a short-term perspective. In fact, due to this, XRP price had lost the third spot to Tether on the market cap as it currently trades at $0.31 against the USD.

XRP/USD – 1D Chart

Looking at the price chart, we can see that the price has dropped back to its two-month trading level after losing the $0.435 monthly support level today. This suggests that the market is back on bearish, although there’s still chance for a rebound if the $0.30 level can act as support. As it stands now, there’s no sign of bulls in the market.

Adding to this current scenario, the technical MACD now oscillate towards the bearish zone, indicating that sellers have stepped back into the market. The price is now testing the RSI 30 level – a recovery is likely if the level can hold.

The next support to watch now is $0.26 level if XRP price loses $0.30 level. The following support is the mid-year low at $0.22. In case of a rebound, the recent monthly drop level ($0.435) would be next bulls’ target after reclaiming the $0.33 and $0.38 resistance levels.

Against Bitcoin, Ripple is technically looking bearish. The price may drop to a new low if the current yearly support is breached.

Key Indicators: RSI and MACD

Key Resistance Levels: $0.33, $0.38, $0.435
Key Support Levels: $0.30, $0.26, $0.22

Spot Rate: $0.31
Price Change: 38%
Trend: Strongly Bearish
Volatility: High


Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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