XRP/USD Market December 13
In case the bears were able to push the price below the support level of $0.49, then, $0.33 price level may be reached as long as the bears can push down the price to penetrate the $0.44 and $0.39 price level. The resistance level above the current price level can be found at $0.55, $0.72, and $0.79.
Key Levels:
Resistance levels: $0.55, $0.72, $0.79
Support levels: $0.49, $0.44, $0.39
XRP/USD Long-term Trend: Bearish
XRPUSD is bearish in the daily chart. The coin follows the direction displayed by the bearish candle pattern formed on December 01 called the “Tweezer top”. The bears initiated the downward movement towards the support level of $0.55. The support level of $0.55 was penetrated downside. The price has reached the support level at $0.49. A further price decrease is highly envisaged provided the support level of $0.49 does not hold.
The 9 periods EMA is trying to cross the 21 periods EMA downside to establishing a downtrend movement. However, the price already penetrates the two dynamic support level downside and the price is trading below the two EMAs. In case the bears were able to push the price below the support level of $0.49, then, $0.33 price level may be reached as long as the bears can push down the price to penetrate the $0.44 and $0.39 price level. The resistance level above the current price level can be found at $0.55, $0.72, and $0.79.
XRP/USD medium-term Trend: Bearish
On the medium-term outlook, XRPUSD is bearish. The coin was ranging the last two weeks. Last week, the bears prevailed when the bears’ pressure increased slightly above the bulls’ pressure. The steady down movement of the price breaks down the support level of $0.49.
The 9 periods EMA and 21 periods EMA that was interlocked before are separated currently and the price is trading below the two EMAs which indicates an increase in the bears’ momentum. The relative strength index period 14 is at 30 levels bending down to indicate a sell signal.
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