XRP Price Analysis – December 16
Ripple price is sliding and it is under pressure below the $0.220 resistance against the US dollar.
Resistance levels: $0.230, $0.235, $0.240
Support levels: $0.200, $0.195, $0.190
XRP/USD price could continue to move down and the bears might target $0.200. Moreover, the price of Ripple remained well below the $0.220 resistance and the 9-day and 21-day moving averages. As a result, there was another bearish wave and the price broke the $0.215 support level. The decline was such that the price even declined below the $0.214 support.
However, a new weekly low is formed near the $0.208 level before reverting back to where it is trading currently at $0.212 while the price still follows the downward trend. Meanwhile, a bounce could still push the price above the moving averages and towards the resistance levels of $0.230, $0.235 and $0.240.
Therefore, the RSI (14) signaled the next move and the bears may continue to find a new monthly low at $0.200, $0.195 and $0.190 support levels.
When compared with Bitcoin, XRP bears are gaining control of the market, therefore any attempt to break below the lower boundary of the descending channel could bring the price to the support level of 2900 SAT and below. But at the moment, XRP/BTC hovers around 2996 SAT.
Moreover, should in case the buyers push the price above the moving averages of 9-day and 21-day around the upper boundary of the channel, the next level of resistance may be located at 3100 SAT and 3200 SAT respectively. Meanwhile, the RSI (14) signal line has nosedived towards the 40-level which indicates more bearish signals.
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