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20 Dec 2019
3 min read

XRP/USD Price Outlook

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Written by OspreyFX News Team

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Please read our Risk Disclosure for more information.

XRP/USD Price Outlook:

  • Currently consolidating well below the key level of 0.1900.
  • All eyes are on the 0.1265 area, next hurdle to overcome on the bearish side.

XRP/USD price is consolidating below the key level at 0.1900

The crypto sphere is getting some action during the second half of December, which is reflected in the price action of XRP across the board, trading below the 0.1900 handle.

50 SMA at the 4H chart showed a dynamic resistance which guided the cryptocurrency’s path for the short and mid-term. It seems like XRP/USD is finding strong support around 0.1850, where a rebound took place.

The 200 SMA at the 4H chart is also pointing downwards, adding pressure on the Ripple and putting into perspective the bearish outlook for the short term.

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Bears’ pressure is dominating the price action

Once it manages to break below the 0.1685 level, a leg lower may happen to reach the 0.1469 zone. Giving some strength to the overall bearish stance in the cryptocurrency. All eyes are on the 0.1265 area, which is the next tough hurdle to overcome to the downside.

This is due to the price action showing a strong breakout of the support (now resistance) that lies at 0.2059.  This level acted as a strong barrier to help halt the bears’ advance. Once that region is cleared out by the bearish pressure, XRP will look forward to reaching the psychological level and round-figure at 0.1000.

200 SMA can be re-tested

To the upside, gains are limited by the 0.2059 level, where a breakout can happen, thus allowing a leg higher towards the 0.2323 neighbourhood.

Around that area, the 200 SMA makes a confluence and adds a strong barrier that caps further advances. However, if it gives up, the next target is located at 0.2512. 

Technical oscillators are hovering in the negative territory, with the RSI indicator staying below the 50 level and momentum trading below the equilibrium zone, showing a neutral stance.