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Low Buyers’ and Sellers’ momentum in the Ripple market
In case the bulls’ momentum increases, Ripple may break up the resistance level of $0.39, in which it may extend to $0.43 and $0.45 resistance levels. When 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.
XRPUSD Price Analysis – 07 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
On the medium-term outlook, XRP/USD is on the ranging movement. For many days since the beginning of November, the sellers have been dominating the XRP market. The double-top chart pattern formed triggered the bearish movement. The coin declined to the support level of $0.31 a few weeks ago when it broke down the former support level of $0.43 and $0.39. Bulls interrupted the bearish movement on 10 November and since then, the price has been ranging within the $0.37 and $0.39 levels.
The Relative Strength Index period 14 is at 44 levels with the signal lines displaying a bearish direction. The ripple market is trading below the 9-periods EMA and 21-periods EMA. In case the bulls’ momentum increases, Ripple may break up the resistance level of $0.39, in which it may extend to $0.43 and $0.45 resistance levels. When 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.
XRP/USD Price short-term Trend: Ranging
XRPUSD is ranging on the 4-hour time frame outlook. After the formation of the double-bottom chart pattern, the price increased to the resistance level of $0.40 and the bulls’ momentum seized. The ranging movement commenced 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 hovering over 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 43 levels with the signal lines displaying a bullish direction. Riple market is currently experiencing a low bullish momentum, meanwhile, bullish momentum is very high in IMPT market.
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