Ripple has spent the week in a tight trading range, but there is no question that the bear market rages on. The price action seems relatively quiet following the large drop XRP experienced last week.

On the daily chart, the price is close to the November low. The range of $0.3 to $0.32 (in white) is currently regarded as the level of block orders, providing solid support.

The 50% and 61.8% Fib levels in the $0.42 to $0.45 resistance region, which were challenged in late November, are on the upswing once more.

Given that the overall structure is negative, the asset must climb over $0.45 to initiate a sustained rally. If it happens, the bearish momentum will weaken in the short term, and the cryptocurrency will be ready to test the long-term resistance at $0.55.

Alternatively, if the price slips below $0.3, it would become much more likely for the steep bear market to continue.

(by CryptoVizArt)