BTC ETH and XRP Price Analysis: December May Trigger a Breakout or Breakdown

Just before the monthly close, the bearish activity intensified, causing the prices of most tokens to plunge hard. Meanwhile, the Bitcoin (BTC) price is struggling to defend the support that keeps the bullish hopes alive. Besides, the Ethereum (ETH) price & XRP price are holding within the range, which suggests a strong rebound could be fast approaching.

As the monthly close approaches, bearish activity has surged, causing a sharp decline in the prices of most tokens. The Bitcoin (BTC) price is facing difficulties in maintaining the support that sustains the bullish hopes. However, both the Ethereum (ETH) and XRP prices are holding within a range, suggesting the possibility of a strong rebound in the near future.

Bitcoin (BTC) Price Analysis

Earlier in November, there was a strong indication that the Bitcoin price would reach a new ATH. However, the bearish interference halted the bulls and dragged the levels down significantly, delaying the possibility of a new ATH. Now, the bears seem to be intensifying their activity, suggesting a drop below $66,000 may be on the horizon.

Following the recent rebound from the lows, the token has been ranging along the ascending trend line, indicating a continuation of consolidation until the first week of December. The RSI is holding the ascending trend line, suggesting a rebound after testing the support. Also, the MACD displays a rise in the selling pressure, but the levels remain within the positive range. Hence, the technicals suggest a price continuation within an ascending triangle, apexing in December for a breakout.

Ethereum (ETH) Price Analysis

The volatility of Ethereum has dropped drastically as the token maintains a consolidated trend within a parallel channel since the drop in August. The dropped volume also substantiates the bearish claim, indicating the possibility of testing the lower support in the coming days. Hence, the ETH price seems to be poised to maintain a continued descending trend for the next few days.

The latest drop has brought the price below the crucial 50-day MA, flashing a bearish signal for the token. The MACD displays a rise in the selling volume, which may drag the levels into the negative range. Hence, the ETH price may maintain a descending trend over the next few days and drop close to $2,300, which could act as a strong base to trigger a healthy rebound. However, as long as the price remains in the consolidating range between $2,735 and $2,320, the possibility of an upswing is less; a rise above $3000 could invalidate the bearish narrative.

XRP Price Analysis

The XRP price is struggling to hold $0.5 support as the bearish influence over the token has increased to a large extent. The price has followed a similar pattern since the start of Q4, which highlights the bearish trajectory of the token. However, the possibility of a bullish rebound remains only if the token remains above the pivotal support and bulls display some momentum.

There has been very little variation in the XRP price since the start of October, indicating less involvement of the market participants Besides, the RSI remains drained within the lower range, indicating a reduced strength of the rally that may eventually drag the levels below the 0.382 FIB at around $0.49. The token is expected to trigger a rebound as it did before, but due to the low bullish strength, the XRP price may remain consolidated below $0.55 until the bulls display extreme strength.

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