Is XRP Again Ready to Test the Lower Levels of $0.4700?

  1. XRP slips around -10.02% in today’s trading sessions trading near the crucial support of $0.5100
  2. The pair of XRP/BTC currently standing at 0.00003028 BTC with intraday loss of -3.84%
Source: tradingview

XRP/USD, on the monthly chart facing the resistance of the sloping line and on 9th December’s  trading session as it slips more than -10.02% currently trading at the level of $0.5500, however, on the downside the crucial levels as support is at $0.5100 and $0.4700 while for the long term the strong support is at $0.3000. After the bullish movement, XRP hits a new 52-week high of $0.7680, and profit booking pulls XRP ripple price to the lower level of 0.4600 in USD. On the higher side, resistance is placed at $0.7680 and $0.8000 on the XRP chart. Currently, it is trading under the Moving Averages of 9, 21 and 50 Day, indicating the negative trend in the short term frame. 

Source: tradingview

The XRP chart of one day is trading in the falling channel pattern after testing a higher trend line, and it pushes the coin towards the support of $0.5400. XRP current price is $0.5100 trading with an intraday loss of -10.02% with the volume traded in the last 24-Hours of $9,459,887,584 and the total market capitalization stands at $25,066,709,464. For intraday, it has support at $0.5400 and $0.5100 while resistance is placed at $0.6100 and $6400. 

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The Relative Strength Index (RSI), which indicates the strength of XRP is trading at 30.90 and still trading flat near the oversold zone after a negative divergence from higher levels.

Directional Movement Index (DMI) is trading with the significance of -DI over +DI indicating bearish momentum; however, a -DI line and +DI line is still trading parallel to each other indicating signicince of bearish trend.

Moving Average Convergence Divergence (MACD) indicates the bearish trend on the intraday chart. It gives a negative crossover with the significance of Bear’s line (red) over Bull’s line (blue), however, a positive crossover can be expected intraday as a bull line is heading towards the red line.    

Resistance level: $0.7680 and $0.8000

Support level: $0.5100 and $0.4700.

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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