Ripple price has bounced off Thursday’s intraday low even as it remains on a three-week-long decline. As is often the case, the trend observed in this altcoin is comparable to those of other cryptocurrencies.
Bitcoin, which often sets the pace for other digital currencies dropped to an intraday low of $55,842.26 earlier on Thursday before rebounding to its current $57,021.47. Ethereum Classic and Dogecoin have exhibited a similar trend.
Ripple price prediction
Since surging to its two-month high earlier in November, XRP has dropped by about 27.69%. in Thursday’s session, it has bounced off the day’s low of 0.9562. At the time of writing, the altcoin was down by 1.37% at 0.9767.
On a two-hour chart, Ripple price is trading below the 25 and 50-day exponential moving averages; which signals further losses. In the short term, I expect the crypto to remain under pressure. As such, it will likely trade within a rather tight range of between Thursday’s low of 0.9562 and the resistance level at 1.0160.
A decline below the horizontal channel’s lower border will give the bears an opportunity to retest the support zone of 0.9000. On the flip side, the bulls may manage to push Ripple price to 1.0684. However, for the bulls to regain control of the market, there will need to be enough momentum to push the altcoin past the crucial support-turn-resistance zone of 1.1000.
