XRP Price Analysis – December 6

Azeez Mustapha
  • The crypto's price is likely to hold as the bears failed to break  $0.33 price level.
  • The XRP price is still in the bearish trend zone in the medium term frame.

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

XRPUSD Medium-term Trend: Ranging

  • Resistance Levels: $0.56, $0.58, $ 0.60
  • Support Levels: $0.34, $0.32, $0.30         

On the daily chart, the XRPUSD pair is in a smooth downtrend as the crypto reaches its low at the $0.33 price level and the bulls are pulling the back price. As the bulls are taking control, it is likely that the $0.33 price level will hold. The Relative Strength Index period 14 is level 33 which indicates that the price has reached the oversold region of the market.

If the level holds traders should look out for buy setups so as to initiate long trades in anticipation of a bullish trend. Meanwhile, the crypto's price is below the 12-day EMA and the 26-day EMA indicating that the price is in the bearish trend zone.

XRPUSD Short-term Trend: Ranging   

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

On the short term trend, the XRP price is in a sideways trend. The crypto fluctuates between the Levels of $0.33 and $0.40. Today, the lower level of price range was tested and the price bounced back. On November 25,the crypto's price also tested the $0.33 price level twice and rebounded.

It is likely that the price will rise to break the 12-day EMA and the 26-day EMA and reach the highs of $0.40 and $0.50. On the other hand, if the bears break the $0.33 price level, the digital currency will find support at $0.24. Meanwhile, the crypto's price is below the EMAs which can result in XRP falling.

 

The views opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.