It has now been 10 days that Ripple’s native is trading below $0.36. The last time XRP traded above $0.36 was on December 15th. Since then the mentioned price mark has been acting as a strong resistance point.
The overall market environment is the main reason that XRP has remained stagnant during the past couple of weeks. The flagship cryptocurrency Bitcoin, similar to XRP, has been stuck below $17k, since Dec 15th.
The bears are in full control as Bitcoin’s value has changed by only +2.1% in the past 30-days. Particularly since December 15th, Bitcoin has actually lost value by 5.3%.
Hours ago the premier cryptocurrency just fell short of breaking through $17k as the coin hit $16.9k for the first time in 3 days. If the market has to see a slight relief, Bitcoin must break through the $17k resistance mark.
If Bitcoin is able to surpass $17k, it may then go on to cross $18k within the next 72-hours. Whereas if the coin breaches $16.3k support level, it may cause a further decline below $16k.
As for the XRP, as mentioned above, the coin is facing strong resistance at $0.36. In comparison to Bitcoin’s 2.1% gain, the XRP has lost value by 13.9% in the meantime. Particularly, since December 16th, the day XRP lost $0.36, the coin has gone down by 7.1%.
Currently trading at $0.35, XRP is up 1.1% in the day and 2.3% over the week.
It is rather obvious that XRP will certainly go upwards as Bitcoin surpasses $17k. Notably, Bitcoin’s $17.5k would mean $0.40 for XRP. However, a breach below $16.3k would cause XRP to dip down to $0.32.
As for the technicals, XRP’s 4-hours MACD is now gaining momentum in the bearish zone, as the coin’s RSI remains below 50. Further, XRP is also trading below 4-hours 55 simple moving average.
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