XRP/USD Price: Is This a Bearish Reversal or Pullback?

XRP/USD Price: Is This a Bearish Reversal or Pullback?

XRP/USD Market December 21

When the demand level of $0.55 holds the price, it will bounce and move towards the previous high at $0.72 provided $0.63 does not hold. Further increase in the Bears’ pressure may place the price at $0.55, $0.49, $0.79.

Key Levels:

Resistance levels: $0.63, $0.72, $0.79
Support levels: $0.55, $0.49, $0.44

XRP/USD Long-term Trend: Bullish

On the medium-term outlook, XRP is bullish. The price is above the $0.55 level. The Bears defends the $0.63 supply level, prevented the Bulls from breaking up the $0.63 level. There was a price spark in the XRP market on December 17 to the $0.55 level. XRP is currently consolidating within $0.55 and $0.62; this scenario started four days ago.

XRPUSD daily chart, december 21

XRP price has crossed the two EMAs upside meaning that it is trading above the 9 periods EMA and 21 periods EMA. The price is moving closer to the EMAs which indicates low bullish momentum. The relative strength period 14 is at 50 levels with the signal lines pointing down to connote further reduction in XRP price. When the demand level of $0.55 holds the price, it will bounce and move towards the previous high at $0.72 provided $0.63 does not hold. Further increase in the Bears’ pressure may place the price at $0.55, $0.49, $0.79.

XRP/USD Price short-term Trend: Bullish

On the short-term outlook, XRPUSD is bullish. The Bulls exerted more pressure on the coin at the $0.46 level (the level where it was bottomed two days ago) and broke up the level. The price ascended to the $0.62 level where short consolidation is ongoing.

XRPUSD 4 hour chart, December 21

XRP price is trading below the 21 periods EMA and 50 periods EMA at a close range which indicates low bearish momentum. However, relative strength index period 14 is at 42 levels with the signal lines pointing down to indicate a sell signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.