XRP/USD May Experience a Bearish movement Towards $0.49 

Azeez Mustapha
2 December 2020 | Updated: 2 December 2020
XRPUSD Price Analysis – December 02

In case the bears increase their momentum and the daily candle close below the support level of $0.61, the price may drop to the support level at $0.55, and $0.49. On the other hand in case the support level of $0.61 holds, then, the price will continue its bullish trend to $0.73, beyond this level, the price may find resistance levels at $0.79, and $0.88.

Key Levels:

Resistance levels: $0.73, $0.79, $0.88

Support levels: $0.61, $0.55, $0.49

XRP/USD Long-term Trend: Bullish

XRP/USD increases to test the resistance level of $0.73 on 25 November, the bears defended the mentioned level and this prevented the breakup of the level. Cardano retraced towards the support level of $0.49. The bulls equally defended the $0.49 level and it resumed its bullish movement towards the $0.73. Yesterday, the price was reduced by -7.09%, indicating the increase of the bears’ pressure.

XRPUSD daily chart, December 02

The technical indicator RSI (14) moves below the 70-level indicates that the market may fall to $0.49. Carefully observing the daily chart, we can see the bulls’ momentum decreasing. In case the bears increase their momentum and the daily candle close below the support level of $0.61, the price may drop to the support level at $0.55, and $0.49. On the other hand in case the support level of $0.61 holds, then, the price will continue its bullish trend to $0.73, beyond this level, the price may find resistance levels at $0.79, and $0.88.

XRP/USD Medium-term Trend: bearish

XRP is bearish on the medium-term outlook. The bulls’ performance is becoming lower on the 4-hour chart due to bears interruption which has caused the XRP market to decrease gradually. In other words, the price has been declining for the last few days. The market is currently trying to break down the support level of $0.61.

XRPUSD 4-hour chart, December 02

The 9 periods EMA is trying to cross the 21 periods EMA downside to establishing the bearish movement. The price is below the two EMAs and the relative strength index period 14 is flat at 50 levels which indicates that consolidation is in progress.

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.