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XRP Price Analysis for December 7

Wed, 12/07/2022 - 16:29
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Denys Serhiichuk
Has fall of XRP ended yet?
XRP Price Analysis for December 7
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bears remain more powerful than bulls as the coins' rates are decreasing.

Top 10 coins by CoinMarketCap

XRP/USD

The rate of XRP has declined by 1.23% over the last 24 hours.

XRP/USD chart by TradingView

On the hourly chart, XRP might have found the local bottom at the $0.3736 support level. Meanwhile, the peak of the same candle serves as the resistance.

Related
Bitcoin (BTC) Price Analysis for December 6

If buyers' pressure continues until the end of the day, one can expect a breakout, followed by the rise to the $0.39 mark tomorrow.

XRP/USD chart by TradingView

On the daily time frame, the rate of XRP has once again bounced off the support level of $0.3736. The altcoin has chances for local growth. However, if the bar closes below $0.38, the sharp decrease may lead to the test of the $0.36 zone soon.

XRP/BTC chart by TradingView

Analyzing the situation against Bitcoin (BTC), XRP has made a false breakout of yesterday's low at 0.00002240. If today's candle closes far from the support, the local upward move can continue to the 0.000023 mark.

XRP is trading at $0.3835 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.