Reading time: ~ 2 m
- XRP is trading in a tight range of $ 0.78-0.85.
- Sellers dominate the market.
- Long-term trends remain bearish.
XRP is trading at $ 0.82. After falling on Black Friday on December 4 to a local low of $ 0.60, XRP / USD is consolidating in a narrow range of $ 0.78-0.85.
XRP Remains In Tight Range Since Fall By Kadr on TradingView.com
Indicator signals on the daily chart indicate uncertainty and lack of buyers in the market, as investors fear a continuation of the fall:
Trading volume: remains low, and this has been going on since the end of May.
RSI (Relative Strength Index): in a downtrend and is below the 50 level, which indicates the prevalence of sellers in the market.
MACD: the histogram is slightly above the zero level, but insignificantly, and does not indicate the direction of movement.
Overall, XRP price over the past ten trading days has not made much of an effort to establish a clear direction to move beyond consolidation within a range.
On the older timeframes for 3-day and weekly, the situation is similar, confirming the bearish scenario. The weekly chart is very reminiscent of the beginning of the two-month summer consolidation, when the market remained weak. Recall that later this led to a significant growth in the market, but we should not forget that history does not always repeat itself.
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