XRP/USD Price Reverses at $0.44 Support Level, Targeting $0.63 Level

XRP/USD Price Reverses at $0.44 Support Level, Targeting $0.63 Level

XRP/USD Market December 17

In case the bulls were able to maintain their pressure and sustain the price above the $0.55 level, then, $0.63 price level may be reached. Should the bears push down the price to penetrate the $0.55 and the price close below it, the bearish trend may continue and the support level of $0.49 and $0.44 will be the target.

Key Levels:

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

XRP/USD Long-term Trend: Bullish

XRPUSD is bullish in the daily chart. Immediately after the price action formed a short “M” shape on the daily chart, the price obeyed the bearish command. The price breaks down the dynamic support levels and declines to test the support level of $0.44. On December 16, the bulls strongly oppose the price decrease with the formation of the strong and massive bullish candle which penetrate the resistance level of $0.49 and $0.55. The price is exposing to the resistance level of $0.72 at the moment.

xRPUSD Daily chart, December 17

The 9 periods EMA is crossing the 21 periods EMA upside to establish an uptrend movement. However, the price already penetrates the two dynamic support levels upside and the price is trading above the two EMAs. In case the bulls were able to maintain their pressure and sustain the price above the $0.55 level, then, $0.63 price level may be reached. Should the bears push down the price to penetrate the $0.55 and the price close below it, the bearish trend may continue and the support level of $0.49, and $0.44 will be the target.

XRP/USD medium-term Trend: Bullish

On the medium-term outlook, XRPUSD is bullish. The crypto was under bearish pressure two weeks ago. The bearish pressure made the coin to find support at $0.44. The price reverses with the formation of a bullish engulfing candle. The price has increased and broken up the resistance level of $0.49 and $0.55.

XRPUSD 4 hour chart, December 17

The price is trading above the 9 periods EMA and 21 periods EMA and the fast-moving average has crossed the slow-moving average upward. The relative strength index period 14 is above 60 levels bending up to indicate a buy 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.