- XRP price Is down 80% since all-time highs.
- Ripple hovers below all three daily moving averages.
- Invalidation of the bearish thesis is a breach above.
XRP price is putting up a fight against the bearish stronghold but has yet to score a win against the attack. If market conditions persist, the Ripple bears could breach this year’s low.
XRP price consolidates
XRP price is at an 80% loss of market value since the all-time highs at $1.98 were established in April 2021. On December 24, the digital remittance token hovers above a trend line that has consistently provided support throughout summer and the fall. As the price floats above the barrier, the bears have a few indicators in their favor suggesting XRP will revisit the low end of the range near $0.31 and potentially breach the yearly low at $0.298.
XRP price is trading at $0.35. The bulls and bears have sparred over a 4% range between $0.33 and $0.35 for more than a week. The 50-day, 100-day, and 200-day simple moving averages hover above XRP’s current trading range. Classical price action traders would argue that Ripple is in a definitive downtrend based on the indicators’ position in the market.
If the market is genuinely bearish, the next attempt at the weekly low at $0.33 could be the catalyst for a sweep-the-lows event targeting $0.298. The bears could tread into 2020 liquidity levels in the mid $0.20 zone due to the breach of the yearly low.
XRP/USDT 1-Day Chart
Invalidation of the bearish thesis is possible, but the bulls will need to first hurdle above the 50-day simple moving average at $0.40 to justify aiming for higher targets within the monthly consolidative zone. The next bullish targets would be the 100-day and 200-day simple moving averages at $0.42 and $0.48. The bullish scenario creates the potential for a 40% upswing move if the bulls are successful.