New Month Low May Come to Play as XRP/USD Drops Below $0.230

0
14

Last Updated on

XRP Price Prediction – December 1

Currently, the Ripple price is following a downward movement, trading below the $0.230 resistance level.

XRP/USD Market

Key Levels:

Resistance levels: $0.240, $0.245, $0.250

Support levels: $0.200, $0.195, $0.190

XRPUSD – Daily Chart

XRP/USD price is slowly declining below the key supports as the price might revisit the $0.210 support before it could start a fresh increase for the new month. Notwithstanding, after struggling to stay above $0.228, XRP/USD started a slow and steady decline. The coin traded below the key $0.225 support level to move into a short term bearish zone.

Moreover, the pair is currently changing hands at $0.221 and as the coin is already trading below the 21-day moving average, any attempt to make it close below the 9-day moving average, this may open the doors for more downsides and the price could spike below the $0.215 support level.  However, we should keep an eye on the $0.230 and $0.235 before creating a new bullish trend at the resistance levels of $0.240, $0.245 and $0.250.

Furthermore, we may experience a quick buy once the trade reaches the support at $0.230. And if the price fails to rebound, then a bearish breakout is likely to trigger more selling opportunity for traders, which might cause the price to retest $0.210 and could further drop to $0.200, $0.195 and $0.190 support levels respectively. Meanwhile, the MACD indicator is extremely on the negative side. If the price moves downward, XRP may definitely fall more.

Comparing with Bitcoin, Ripple (XRP) is demonstrating some positive signs within the descending channel and trading below the 9-day and 21-day moving averages. More so, the buyers are trying to push the price towards the moving averages and the bullish continuation may likely take it to the resistance levels of 3150 SAT and 3250 SAT respectively.

XRPBTC – Daily Chart

However, looking at the daily chart, should in case the bulls failed to push the price to the north, then the bears may likely step back into the market and bring the price below the channel to the nearest support levels at 2850 SAT and 2800 SAT. Meanwhile, the RSI (14) moves above level 40, which indicates that the bullish movement may continue.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.