XRP/USD price Breaks Down $0.55 Support Level, $0.44 Level May be Reached

9 December 2020 | Updated: 11 December 2020
XRP/USD Market December 09

The ability to break the confluence at the support level of $0.55 will decline the price to $0.49 and $0.44 price level. The resistance levels above the current price can be found at $0.63, $0.73, and $0.79.

Key Levels:

Resistance levels: $0.63, $0.73, $0.79

Support levels: $0.55, $0.49, $0.44

XRP/USD Long-term Trend: Bearish

XRPUSD is bearish in the daily chart. The resistance level of $0.63 stand as a key resistance level to the XRPUSD and the bulls find it difficult to break. The support level of $0.55 is proofing strong to the price. Today, the bears gained momentum and the price is pushed down towards the support level of $0.49 but the bears could not sustain the momentum; the price was pushed back to the support level of $0.55.

XRPUSD Daily chart, December 09

At the moment, the price is at $0.55 support level, the 9 periods EMA and 21 periods EMA are coming close to each other and the price is trading within the two EMAs. The ability to break the confluence at the support level of $0.55 will decline the price to $0.49 and $0.44 price level. The resistance levels above the current price can be found at $0.63, $0.73, and $0.79.

XRP/USD medium-term Trend: Bearish

On the medium-term outlook, XRPUSD is bearish. The bulls could not break up the resistance level of $0.63. The bears push the price down and the support level of $0.55 was penetrated. The price is currently carrying out a retest to the broken level.

XRPUSD 4-hour chart, Decmber 09

 

The 9 periods EMA and 21 periods EMA are above the XRP in the 4-hour chart and this symbolizes bearish momentum. The relative strength index period 14 is flat showing no specific direction, this indicates that consolidation is temporarily going on 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.