XRP/USD price Hovers Between $0.55 and $0.63 Price Levels

6 December 2020 | Updated: 6 December 2020
XRP/USD Market December 06

The breakout at the $0.55 price level will make the coin continue its bearish trend towards the support level of $0.49 to $0.44 which may extend to $0.39. The penetration of the $0.63 level upside will trigger the continuation of the bullish trend towards $0.73, $0.79, and $0.88 price levels.

Key Levels:

Resistance levels: $0.72, $0.79, $0.88

Support levels: $0.55, $0.49, $0.44

XRP/USD Long-term Trend: Ranging

XRPUSD is on the ranging mode in the daily chart. The formation of the “Tweezer top” candle pattern on December 01 is an indication that the bears are ready to take over the market. The bears initiated the downward movement towards the support level of $0.55. Along the way, the bears lose the momentum and the price decrease is hindered, likewise, the bulls’ pressure is not enough to drive the coin upside, then the price commences consolidation at $0.55 and $0.63 price level.

XRPUSD Daily chart, December 06

The 9 periods EMA and 21 periods EMA are coming close to each other and the distance between the two are becoming narrower while the price is trading between the two.  The breakout at the $0.55 price level will make the coin continue its bearish trend towards the support level of $0.49 to $0.44 which may extend to $0.39. The penetration of the $0.63 level upside will trigger the continuation of the bullish trend towards $0.73, $0.79, and $0.88 price levels.

XRP/USD medium-term Trend: Ranging

On the medium-term outlook, XRPUSD is ranging. The bullish movement that commenced on November 27 could not continue due to weakness in the bulls’ momentum. The bears’ pressure is equally weak at the moment in the 4-hour chart. In other words, the momentum of Bulls and Bears are at equilibrium.

XRPUSD 4 hour chart, December 06

The 9 periods EMA and 21 periods EMA are interlocked to each other and the price is trading over and around the two EMAs. The relative strength index period 14 is moving zigzag showing no specific direction, this indicates that consolidation is ongoing in the XRP market.

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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.