XRP Price Analysis For December 22, 2020

Remittance coin, XRP is presently trading slightly below the moving average with its Relative Strength Index technical indicator showing that it is below 50. Taking a curious look into the digital asset’s key levels, one can notice that its resistance level is present at $0.650, $0.700, and $0.750.

In the same vein, the coin’s support level is now at around $0.400, $0.350, and $0.300. XRP is presently moving in a downward direction, breaking below the support level on its way down. In this regard, the co would need to touch the previous support level set at $0.500 before it starts to make a price surge again.

XRP present market

Ripple started the week trading in a bearish momentum after it broke below the 9-day and 21-day moving average as it fully entered into a bearish zone. Presently, XRP is trading a little bit above $0.500. Any attempt to go down would see the digital asset open up a way to go under, with analysts earmarking the next support level at $0.450. Also, in the same vein, the coin would need to test the $0.600 price region if it should be considered to make a bullish run.

If this occurs, the next support level of the coin will be around $0.650, $0.700, and $0.750. Another thing that would be considered is that traders might begin to rush into the market because the digital asset price declines and stays around $0.450.

Another look at it shows that if the digital asset failed to rebound after touching that $0.450 level, the digital asset would trade further down, and sellers would be pushed to sell all their holdings. If this eventually happens, then the next support level will be set at $0.350 and $0.400 levels even if the Relative Strength Index is under the 50 level.

Predicted XRP/BTC price

The XRP/BTC chart shows that XRP is also moving in a downward trajectory, and if the selling pressure continues, it would only be a matter of time before the coin makes more decline run against Bitcoin.

The coin will be expected to set a new low with its Relative Strength Index presently under the 40 level. This shows that the asset would undergo some negative changes as the price moves under the 9-day and 21-day moving averages.

Also, traders expect the next support to close at moving averages of 2100 Satoshi before touching 1650 Satoshi. Meanwhile, if the bulls take over the coin at any point in time, traders would gain confidence in the next resistance, which presently stands at 2750 Satoshi and a little bit above it.

Leave a Reply

Your email address will not be published. Required fields are marked *