XRPUSD May Decrease to $0.17 Support Level and Reverse

XRPUSD May Decrease to $0.17 Support Level and Reverse

XRP/USD Market December 30

XRPUSD is penetrating the key support level at $0.21 indicate that the coin may decrease further to $0.17 and $0.10. The resistance levels above the current price can be found at $0.28, $0.39, and $0.49.

Key Levels:

Resistance levels: $0.28, $0.39, $0.49
Support levels: $0.21, $0.17, $0.10

XRP/USD Long-term Trend: Bearish

XRPUSD is bearish in the daily chart. The bears take over the XRP market when the cryptocurrency reaches the resistance level at $0.62. A strong and massive daily bearish candle emerges that breaks down the former support level of $0.39 and $0.28. The price observed a pullback to retest the $0.39 level which is a normal phenomenon in a trending market. After a while, the bears resumed the market, and the price decreases towards the $0.17 level.

XRPUSD daily chart, December 30

XRPUSD is penetrating the key support level at $0.21 indicate that the coin may decrease further to $0.17 and $0.10. The resistance levels above the current price can be found at $0.28, $0.39, and $0.49. Meanwhile, the price is trading below 9 periods EMA and the 21 periods EMA, the former is below the later. The relative strength index period 14 is at 25 levels bending down to indicate a sell signal.

XRP/USD Medium-term Trend: Bearish

On the medium-term outlook, XRPUSD is bearish. Power changes hands to the bears when the crypto hits the resistance level at $0.62. The bears pushed down the price to a support level of $0.28. The bears increase their momentum and the price decreases drastically to the support level of $0.19.

XRPUSD 4 hour chart, December 30

The price is trading below the 9 periods EMA and 21 periods EMA and the fast-moving average is descending below the slow-moving average downward. The relative strength index period 14 is bending down at 30 levels 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.