The demand level of $0.25 may be the bears’ target. In case the demand level of $0.25 holds and the XRP price bounce, an upward trend may be experienced with $0.38 – $0.43 as its target.
Key Highlights:
- The Bears pressure sustained in the XRP market;
- the demand level of $0.25 may be the bears’ target;
- bearish trend is ongoing.
XRP/USD Price Long-term Trend: Bearish
Supply levels: $0.32, $0.38, $0.43
Demand levels: $0.25, $0.20, $0.16
There was a retracement to the upside towards $0.38 supply area on December 8. Rejection to further upward move was seen around the 21-day EMA as the bears gradually returned after the market correction.
XRP is currently consolidating below the demand level of $0.32and it is trading under 21-day EMA and 50-day EMA indicating the bears’ pressure. The Stochastic Oscillator period 14 is in the oversold region with its signal lines pointing downward which suggests downward momentum in XRP market. $0.25 may be the bears’ target. In case the demand level of $0.25 holds and the price bounce, an upward trend may be experienced with $0.38 – $0.43 as its target.
XRP/USD Price Medium-term Trend: Bearish
XRP continues in its bearish trend on the 4-Hour chart. XRP price found its low around $0.25 demand level on December 7, rejection to further downward move was carried out by the bulls, the price was pushed up towards the 50-day EMA where the further upward movement was resisted and the price is moving sideways around the two EMAs.
XRP price is below the two EMAs with the 21-day EMA and 50-day EMA acting as a strong resistance against upward price movement. The stochastic oscillator is at 20 levels (the oversold region) with its signal lines pointing upward which indicates buy signal.
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