- XRP saw an uptick in social dominance. And that might result in a price pump.
- Nevertheless, XRP exhibited negative sentiment.
Santiment’s December 3 tweet indicated that Ripple (XRP) saw increased social dominance within the past few days. Such a spike might result in near-term positive price moves soon. Nevertheless, the alternative token would be prone to a swift decline if prices record upward actions.
Also, LunarCrush revealed that XRP saw an upsurge in social comments, with the metric gaining 67.1% within the previous seven days. Despite the uptick in dominance and mentions, the remittance token retained a negative sentiment.
Ripple’s weighted sentiment slumped within the past few days, suggesting that the crypto community had a negative outlook on XRP. Moreover, the crypto’s network growth suffered a massive dip. That showed the number of wallets transacting the alt for the initial time had slumped.
Nevertheless, the crypto observed a massive spike in velocity, suggesting an increase in the rate at which the altcoin moved across exchanges.
XRP Near-Term Profits
The growing MVRV (Market Value-Realized Value) ratio can explain XRP’s increased transactions. Growth in this metric shows that most holders could enjoy profit if they were to sell during this publication. A slumping Short/Long difference line confirmed that near-term XP holders would profit if they sold amid the current market.
Nevertheless, longer-term holders may have to maintain patience before experiencing gains. While writing this post, XRP traded at $0.390. The remittance token has surged approximately 19.3% since November 14. Moreover, XRP has swayed between $0.41 & $0.371 after November 25.
The RSI (Relative Strength Index) at 44.13 showed sellers maintained the momentum despite XRP’s temporary upsurge. Nevertheless, the CMF (Chaikin Money Flow) read 0.13 after an uptick. Therefore, the money flow showed strength within the market.
XRP price has steadily risen within an inverted flag setup influence for almost one month. Furthermore, the token’s price wavers at this formation’s support trend-line and presents bullish reversal signals. A bullish cycle within this setup could catalyze a momentary rally, but should you consider entering now?
XRP price adheres to an inverted flag formation, regardless of the latest consolidation within the cryptocurrency market. Meanwhile, the alt has hit the resistance trend line twice & the support trend line several times, showing that market participants actively reacted to this setup.
Meanwhile, this bearish continuation formation presents a slight upside pullback amidst an established downside trend. The support trend line remains critical in this setup, with its breakdown confirming XRP’s downward continuation.
Though XRP saw a minor intraday drop, the long-tail rejection candlestick at the $0.39 combined support and ascending trend line increased the chances of bullish reversals. That move can see XRP gaining 12.5% to hit the resistance at $0.443.
Nevertheless, gradual declines in volume activity despite soaring prices indicate that the current surge is momentary. Thus, XRP might react to this pattern with an ultimate break of the support trend line. That will rekindle the bearish strength and crash XRP to $0.36.
XRP Technical Indicators
Exponential Moving Averages
XRP has its price beneath the critical 20,50,100, and 200 EMAs, indicating a bearish regime. Moreover, each of the EMAs might serve as a resistance to limit bullish upticks.
Relative Strength Index
The daily Relative Strength Index slope wobbles at the midline slope, confirming a neutral XRP picture.
Intraday Price Zones
- Spot Price – $0.393
- Volatility – High
- Trend – Bearish
- Support – $0.39 & $0.36
- Resistance – $0.443 & $0.475
