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Low Buyers’ and Sellers’ momentum in the Ripple market
Should the Bears gain more momentum to push the price below the support level of $0.37, Ripple price may decline to $0.31 and $0 .28 levels. An increase in the bulls’ pressure may break up the resistance level of $0.39, which may extend to $0.43 and $0.45 resistance levels.
XRPUSD Price Analysis – 04 December
Key Levels:
Supply levels: $0.39, $0.43, $0.45
Demand levels: $0.37, $0.31, $0.28
XRP/USD Price Medium-term Trend: Ranging
XRP/USD is on the ranging movement on the medium-term outlook. The sellers have been dominating the XRP market since the beginning of November. The scenario is caused by the price action that formed called the double top chart pattern. The coin decreased to the support level of $0.31 four weeks ago after it broke down the former support level of $0.43 and $0.39. Buyers opposed the bearish movement on 10 November and ever since then, the price has been ranging within the $0.37 and $0.39 levels.
Ripple market is trading within the 9-periods EMA and 21-periods EMA. The Relative Strength Index period 14 is at 46 levels with the signal lines displaying no specific direction. Should the Bears gain more momentum to push the price below the support level of $0.37, the price may decline to $0.31 and $0 .28 levels. An increase in the bulls’ pressure may break up the resistance level of $0.39, in which it may extend to $0.43 and $0.45 resistance levels.
XRP/USD Price short-term Trend: Ranging
XRPUSD is ranging on the 4-hour time frame outlook. The ranging movement commenced on 10 November when the sellers lose their momentum at the support level of $0.31. The price could not penetrate the mentioned level because of low bearish momentum. Likewise, the resistance level of $0.39 could not be broken because of low bullish momentum.
XRP price is trading between the 21-period EMA and 9-periods EMA which indicates a low momentum in the Ripple market. The relative strength index period 14 is at 46 levels with the signal lines displaying no specific direction. XRP is found difficult to rise but IMPT is increasing more and more every day.
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