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HomeCryptocurrency WalletXRP: Technical Analysis Report | 8th-December-2022

XRP: Technical Analysis Report | 8th-December-2022

XRP Ledger also features the first decentralised exchange (DEX) and custom tokenization capabilities built into the protocol. The XRP Ledger has been working reliably since 2012 and has completed 70 million registrations. The bears successfully defended the 20-day EMA ($0.39) for the past few days, pushing XRP below the uptrend line on December 7th. Buyers will try to salvage the situation by defending the strong support at $0.37. The asset price has risen by 2.82% in the last 24 hours while the volume has fallen by 13%.

At the time of writing, XRP was trading at $0.388

Ripple (XRP) Chart

XRP after making the low of $0.287 has rallied almost by 94% up to $0.559 within 3 months. The asset faced stiff resistance at $0.55, witnessed a sharp correction, and prices dropped to $0.3160. However, the bulls defended the previous lows and started consolidating. Currently, XRP is trading and forming a ‘Symmetrical Triangle’ with low volumes. The prices are resisting their 50-Day Moving Average and downsloping trendline whereas the upsloping trendline is acting as strong support. Breakouts on either side of the pattern with good volumes will decide the trend for the asset.

Support 2 Support 1 Asset Resistance 1 Resistance 2
$0.30 $0.36 XRP $0.425 $0.55

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.



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