Bearish Momentum to Persist As Demand Dries Up
The Ripple price prediction indicates that the XRP/USDT could face an uphill task recovering its early November highs, on account of the recent bearish sentiment around Bitcoin and correlated tokens.
Ripple has historically shown a strong correlation with Bitcoin prices, showcased in the steep drop that occurred on the XRP/USDT pair on Saturday when BTC/USD fell by $12,000.
The seemingly unending case between Ripple Labs and the US Securities and Exchange Commission (SEC) also continues to be a drag on bullish momentum.
Ripple Price Prediction
The intraday decline has kept the Ripple price below the 0.79901 price mark, thus preserving the resistance. A close below this level confirms the time filter for the breakdown, after the 5 December candle achieved a closing penetration below this price. This scenario opens the door for a decline towards the 0.69937 support (29 July – 5 August lows). If the decline continues, 0.60000 (28 June and 4 December low) becomes the next target, followed by 0.51521 if the deterioration is extensive.
On the flip side, bulls need to see a closing penetration above the 0.79901 resistance. This move puts 0.89260 in contention as the next target, followed by 1.01940 and 1.20055 to the north. Before the latter is achieved, we could see 1.1000 come into play as a potential pitstop, the site of 6-7 October and 20-22 November highs.
XRP/USDT: Daily Chart
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