XRP Continues its Falling Pattern Trading Under Pressure

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  • XRP on monthly chart after a bullish move is now trading under the pressure of selling as making higher highs and lower lows 
  • The pair of XRP/BTC is also performing well at 0.00003102 BTC with an intraday gain of +2.49%
Source:tradingview

XRP/USD is trading lower on the monthly chart, after making the new 52-Week high of $0.7680 and profit booking pulls it towards lower levels of $0.4600. which can be considered as the support on the downside; however, recovery in the digital asset pushes it upward. Still, XRP is now facing the resistance of falling wedge pattern and 50-Day Moving Average currently trading below 9, 21, and 50- DMA, which is healthy for bullish movement. For bullish momentum, XRP must break its higher resistance line and must be stable above the 50-DMA line. On the higher side resistance is placed at $0.7680 for the short term whereas, for the long term, resistance is at $0.8000. Support on the lower side is placed at $0.4600, and strong support is at $0.3000.

Source:tradingview

XRP, on the intraday chart after a dip of yesterday’s trading session on 9th December, is trading positive on 10th December with an intraday gain of +5.85% placed at $0.5735. With an intraday volume of $12,411,782,938 and total market capitalization stands at $26,039,062,825. However, on the higher side, it is facing resistance to the falling wedge pattern. Currently, it is sustaining above the 50-DMA line and can be considered positive for the short term. For intraday, it has support on lower levels at $0.5050, and resistance on the higher side is placed at $0.6200.   

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The Relative Strength Index (RSI) indicates the strength of XRP is trading at 56.75 trading flat after testing the oversold zone. 

Directional Movement Index (DMI) is trading with a mixed-signal as +DI and -DI not providing a clear signal for the short term. 

Moving Average Convergence Divergence (MACD) indicates the trend. Currently, it indicates the bullish trend on the intraday chart as gives a positive crossover with the significance of Bull’s line (blue) over Bear’s line (red) indicating the bullish trend for the short term.

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Resistance levels: $0.7680 and $0.8000

Support levels: $0.4600 and $0.300 

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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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