The year 2020 is drawing closer to its end and the fourth quarter might still be full of surprises for XRP and all the other tokens. XRP will most likely follow Bitcoin’s lead. At the time of writing, the price of the Bitcoin BTC token was $10,624.81.
The largest cryptocurrency per market capitalization was down by 0.82% against the USD with a trading volume of $50,019,871,315 and a market capitalization of $196,673,258,044. Bitcoin BTC is expected to take a bullish turn before the end of the year and XRP will most likely follow it along with the rest of the market.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Ripple XRP’s Bull Run Seems to Have Come to an End as the Token Faced Resistance at the $0.2550 Level
- The Resistance at $0.2550 Pulled the Token Lower Against the USD Dragging it Back to the $0.2400 Level
Over the last three days, the XRP token made some bullish progress rising by more than 10% against the USD. Even if the token was bullish, we noted that the token must move above the $0.2550 Level before it can confirm that the bulls have full control over the bears. Unfortunately, the XRP token faced resistance when it got to this level and was unable to cross above the level. This led to a price drop all the way back to the $0.24 level within just a few minutes. The initial bull run which was seen as a sign of recovery at the time was not as glorious as analysts had anticipated.
At the time of writing, the price of the XRP token was $0.246243. This shows that the token was down by 1.53% against the USD and down by 0.98%against Bitcoin BTC. The trading volume over a 24 hour period was $2,460,617,404and the market capitalization was $11,120,917,712.
According to an analyst on AMBCrypto, a de-constructed ascending channel might show up on the XRP price charts soon. If this happens the token will most likely suffer more losses. The analyst noted that the XRP token is yet to take a clear stance either on the upper or lower region.
Right now, the token is in the $0.245 to $0.258 range and the volume is impressive. If the volume continues to rise, there is a strong chance that the bulls will come back to the market. The technical indicators for XRP show that the bears are losing momentum and the token is moving to the oversold region.
Many analysts believe that XRP has finally broken out of the bearish triangle it faced earlier. The bears might pull the token lower but the general vibe will become bullish soon.