It seems that XRP has experienced a classic case of ‘buy the rumors, sell the news’ event where investors jumped into the digital asset thanks to the Spark airdrop but quickly sold their gains after the event ended.
Ripple’s XRP price is down by around 10% today from a high point of $0.55 to a low of $0.486, losing an essential support level on the daily chart and indicating that bears are in control.
On the other hand, Bitcoin has regained its $18,000 level and defended a critical support level which shows that bulls are the ones in control and aiming for $19,000 in the short-term.
Is XRP Price Doomed to Drop Towards $0.3?
On the daily chart, XRP has lost a vital support level in the form of the 26-EMA, for the first time since November 6. The loss of this level not only represents a clear shift in favor of the bears but also negates the potential of a bull flag on the daily chart.
Due to the massive rally from $0.3, bulls couldn’t establish clear support levels on the way up, which means that XRP’s price could be doomed to fall towards the same level again.
The MACD has flipped bearish and is gaining strength while trading volume drops rapidly, indicating that bulls are losing the battle.
Bitcoin Price Aims For $19,000
On the other hand, things look entirely different for the flagship cryptocurrency. Bulls have defended the 26-EMA support level on the daily chart and are on the verge of pushing Bitcoin’s price above the 12-EMA for the first time in a week.
That would be a clear shift in favor of the bulls that are facing practically no resistance until the all-time high at $19,888. The MACD has not turned bullish yet but seems to be losing some strength in the past 24 hours.
The recent sell-offs were actually healthy for Bitcoin and the RSI has cooled off significantly since then, leaving the bulls a lot of room to push Bitcoin towards $20,000 and potentially above it.