XRP Price Analysis for December 16

Tech

XRP Price Analysis for December 16

The crypto market is going down as most of the coins are in the red zone, according to CoinMarketCap.

Top coins by CoinMarketCapXRP/USD

The price of XRP has declined by 4.35% over the last 24 hours.

Image by TradingView

On the hourly chart, the rate of XRP is going up after a breakout of the local resistance of $1.8975. If buyers can hold the gained initiative, the upward move may lead to a test of the $1.95 area shortly.

Image by TradingView

On the longer time frame, there are no reversal signals yet as the price of XRP keeps trading near the support of $1.8209.

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If a bounce back does not happen soon, traders may expect a further correction to the $1.80 range. Such a scenario is relevant until the end of the week.

Image by TradingView

From the midterm point of view, the situation is similar. If a breakout of the nearest support of $1.8209 happens, the accumulated energy might be enough for a an ongoing decline to the $1.30-$1.60 area.

XRP is trading at $1.9164 at press time.