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Ripple Price Prediction: XRP/USD Struggles to Hold Above $0.60 as Selling Pressure Mounts

XRP Price Prediction – December 6

The price of Ripple has not been able to develop the upside momentum above the $0.65 resistance level.

XRP/USD Market

Key Levels:

Resistance levels: $0.26, $0.27, $0.29

Support levels: $0.22, $0.21, $0.20

XRPUSD – Daily Chart

XRP/USD moves above the 9-day moving average at the opening of the market today, but failed to hold the ground and retreated quickly towards $0.58 at the time of writing. Meanwhile, XRP/USD has been mostly unchanged both on a day-to-day basis since the beginning of today’s trading. XRP/USD now remains at a tight range that limited its bullish movements since late last month.

What XRP Price Going Next?

The Ripple price is struggling to continue above the 9-day moving average. If the price fails to stay above this barrier, it is likely to resume its decline. Meanwhile, the first major support is near the lower boundary of the channel, falling below it could revisit the main $0.53 support. Any further losses may perhaps start a significant decline towards the $0.45, $0.40, and $0.35 support levels.

On the upside, an initial resistance is above the moving averages. More so, to start a new increase, the price must surpass the $0.65 and $0.70 resistance levels. Any further gains could lead the price towards the $0.75, $0.80, and $0.90 resistance levels. However, the technical indicator RSI (14) is seen moving in the same direction around the 60-level, suggesting sideways movement for the market.

When compares with Bitcoin, the Ripple market price is ranging and trading within the 9-day and 21-day moving averages. For now, the coin is finding it difficult to break above the channel. Looking at the chart, both the bulls and the bears are struggling on who will dominate the market as the RSI (14) move sideways around the 60-level.

XRPBTC – Daily Chart

However, should the price fall below the moving averages, the next key support level could be 2400 SAT and below. Meanwhile, on the bullish side, a possible rise above the channel may likely take the market to the resistance levels of 3700 SAT and above.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.