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- XRP price Is down 80% since all-time highs.<\/strong><\/li>\n
- Ripple hovers below all three daily moving averages.<\/strong><\/li>\n
- Invalidation of the bearish thesis is a breach above.<\/strong><\/li>\n<\/ul>\n
XRP price is putting up a fight against the bearish stronghold but has yet to score a win against the attack. If market conditions persist, the Ripple bears could breach this year’s low.<\/p>\n
XRP price consolidates<\/strong><\/h2>\n
XRP price is at an 80% loss of market value since the all-time highs at $1.98 were established in April 2021. On December 24, the digital remittance token hovers above a trend line that has consistently provided support throughout summer and the fall.\u00a0As the price\u00a0floats\u00a0above the barrier, the bears have a few indicators in their favor suggesting XRP will revisit the low end of the range near $0.31 and potentially breach the yearly low at $0.298.<\/p>\n
XRP price is trading at $0.35. The bulls and bears have sparred over a 4% range between $0.33 and $0.35 for more than a week. The 50-day, 100-day, and 200-day simple moving averages hover above XRP’s current trading range. Classical price action traders would argue that Ripple is in a definitive downtrend based on the indicators’ position in the market.<\/p>\n
If the market is genuinely bearish, the next attempt at the weekly low at $0.33 could be the catalyst<\/a> for a sweep-the-lows event targeting $0.298. The bears could tread into 2020 liquidity levels\u00a0in the mid $0.20 zone due to the breach of the yearly low.<\/p>\n
![\"tm\/xrp\/12\/24\/22\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/XRPUSDT_2022-12-24_10-39-36-638075000697437669.png\")
<\/a><\/p>\nXRP\/USDT 1-Day Chart<\/small><\/strong><\/p>\n
Invalidation of the bearish thesis is possible, but the bulls will need to first hurdle<\/a> above the 50-day simple moving average at $0.40 to justify aiming for higher targets within the monthly<\/a> consolidative zone. The next bullish targets would be the 100-day and 200-day simple moving averages at $0.42 and $0.48. The bullish scenario creates the potential for a 40% upswing move if the bulls are successful.\u00a0<\/p>\n
\n - Ripple hovers below all three daily moving averages.<\/strong><\/li>\n