Ripple Price Prediction – December 5
The Ripple price has been down by more than 5.8% in the last 24 hours; the value has gone below $0.80 at the time of writing.
Resistance levels: $0.98, $1.03, $1.08
Support levels: $0.65, $0.60, $0.55
XRP/USD is facing a bearish move and its current situation could be related to the general gloomy in the cryptocurrency market. However, the 9-day and 21-day moving averages are above the current price, suggesting a delay in bringing a trend reversal. Meanwhile, a break below the channel could give the market enough strength to go deeper, but the rally could push the Ripple market into a bullish stage.
Ripple Price Prediction: Ripple Price Not Yet Ready for the Upside
At the moment, the Ripple price is moving under the 9-day and 21-day moving averages. Looking at the chart technically, the channel formation is ranging that could be followed with a break-down in price. Meanwhile, following the recent price actions, XRP/USD is face down as the coin remains near the lower boundary of the channel. The Ripple price is currently bearish, but a rally above the 9-day and 21-day moving averages could locate the resistance levels of $0.98, $1.03, and $1.08.
Furthermore, a price drop below the lower boundary of the channel may occur as the bears may find new lows at the $0.65, $0.60 and $0.55 support levels. More so, from a long-term perspective, Ripple (XRP) is likely to follow a downtrend as the Relative Strength Index technical indicator (14) remains in the oversold region. Also, if the Ripple price continues to decline, it may set a new low within the market soon.
Comparing it with Bitcoin, Ripple (XRP) is moving below the 9-day and 21 day moving averages and towards the lower boundary of the channel. Meanwhile, sellers are pushing the price south and a further decline could take it to the support level of 1500 SAT and below.
However, if the Ripple bulls can rally and push the market above the moving averages, a possible rally could lead the market price to the resistance level of 1900 SAT and above. According to the technical indicator Relative Strength Index (14), the signal line is moving towards the oversold region, which suggests that more bearish movements will take place.
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Original author: Azeez Mustapha
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