XRP Price Drops 10%, What Are The Charts Saying About Ripple?

Ripple price fell sharply with Bitcoin.

Ripple (XRP), the third largest cryptocurrency in terms of market volume, experienced an extremely strong rally at the end of November, performing unseen since 2017. At the end of November, the price of XRP increased by over 100% in three days.

Ripple Price

During the November rally, the market became so discrete and volatile that XRP rose as high as $ 0.92 on Coinbase. XRP, which saw the $ 0.75 level on most other platforms, then declined. However, even after the decline after the rally and the declines experienced today, XRP is still holding well above the levels it was traded a month ago.

In addition, XRP has lost about 10 percent in the last 24 hours, and the price has declined from $ 0.60 to $ 0.54 with the fall in BTC. Although there is a decline in XRP, analysts say Ripple may experience an upside break.

Josh Olszewicz, one of the popular analysts of the market, states that XRP is stuck in a certain price range and this congestion can bring a big move with it. However, evaluating the technical indicators, the analyst thinks that if the upward trend continues despite the decrease in the market, XRP will also move up.

Technical Indicators

Olszewicz recently shared a chart showing the 12-hour chart of XRP and the same timeframe as the “Bollinger Bands” indicator, a technical indicator used to indicate key technical levels and volatility .

The chart, as claimed, shows that the leading cryptocurrency is in the middle of a compression pressure. XRP price could break strongly in either direction, but some think Ripple will continue to rise as the crypto market remains in a bullish position .

Positive Basic Indicators

Currently, there is a big collapse in the market. With this collapse, it seems that XRP expectations, which were very positive in the market, started to return to neutral. Nevertheless, the fact that the Spark airdrop will take place seems to prevent expectations about XRP from turning negative.

However, analysts state that if there is greater interest, the price of XRP will increase. Spark airdrop is also thought to support this increase in interest. Still, the fact that a few people hold large amounts of XRP is a cause for concern and it looks like the next few days will show which one will prevail.