XRP Short Term Outlook - Double Top Confirmed?

XRP Completes Double Top With Lower High

XRP starts the month of December 2020 with a confirmation of a lower high indicated by point 2 on the chart. Note that the price dipped down to the 50-day EMA, previously wicking down below the line. This could be indicative of a further drop in price.

The stochastic looks weak, with downward momentum that could be the beginning of the correction cycle. The On-Balance Volume looks relatively stable, not showing any significant dumping. But we are still in the early stages of this movement, so it is not possible to to determine if a dump will be incoming.

The volume profile shows possible price targets indicated by the arrows. If downward momentum keeps up, these price targets could get realized. Depending on what happens with BTC, further downward movement could be coming as we move into the month.

Carlton Flowers
The CryptoPro

Earn FREE Tokens on Coinbase!
CLICK HERE for the Compound (COMP) tutorial
CLICK HERE for the Stellar Lumens (XLM) tutorial
CLICK HERE to sign up for Coinbase and get $10 free Bitcoin

Visit the CryptoPro YouTube channel here by clicking the link or image below!

CryptoPro YouTube Channel - Weekly Updates and Cutting-Edge Technical Analysis

DISCLAIMER

NOT FINANCIAL ADVICE - Entertainment purposes only. Seek a qualified investment advisor before making any decisions on purchasing cryptocurrencies. The crypto market is very volatile, and trading can be dangerous and detrimental to your financial situation. Proceed with caution.