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XRP Price Analysis for December 31

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Sat, 31/12/2022 - 15:38
XRP Price Analysis for December 31
Cover image via www.tradingview.com

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The last day of the year is about to close in the bullish zone, according to the CoinMarketCap ranking.

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Top coins by CoinMarketCap

XRP/USD

The price of XRP is outperforming the top coins, going up by 1.42% over the past 24 hours.

XRP/USD chart by TradingView

On the hourly chart, the rate of XRP has made a false breakout of the support at $0.34 against the low volume. Moreover, the price has fixed above the resistance at $0.3429.

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If buyers can hold XRP above that mark until the end of the day, the upward move may continue to $0.3460 tomorrow.

XRP/USD chart by TradingView

The situation is less positive on the bigger time frame as the price remains closer to the support zone than the resistance. If bulls lose the $0.34 mark, the accumulated energy might be enough to break the $0.3321 level.

XRP/USD chart by TradingView

The forming weekly candle shows neither bullish nor bearish signals for XRP. This statement is also confirmed by the low volume, which means that traders are losing interest in the altcoin. Nevertheless, a decline to $0.32 may be a prerequisite for a sharp move to the support level at $0.2870.

XRP is trading at $0.3437 at press time.

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