XRP/USD price May Fall Below $0.22 Provided Sellers’ Pressure Increases

XRP/USD price May Fall Below $0.22 Provided Sellers’ Pressure Increases

XRP/USD Market September 23

More pressure from the bears can reduce the price to 0.29 and $0.17 level. The inability to break down the $0.22 level may result in strong bullish momentum which will be targeting resistance levels at $0.25, $0.27, and $0.29.

Key Levels:

Resistance levels: $0.25, $0.27, $0.29
Support levels: $0.22, $0.20, $0.17

XRP/USD Long-term Trend: Bearish

XRPUSD remains under the control of the bears. The coin pulled back from the support level of $0.22 to retest the broken level of $0.25; which is a normal phenomenon in a trending market. The price action produces an upward wedge in the daily chart. On September 21, the bears push down the price to break out at the lower trend line of the wedge and the price is retesting the support level at $0.22 at the moment of writing this report.

XRPUSD daily chart, September 23

The price is making an attempt to break down the $0.22 support level as the daily bearish candle is producing which may penetrate the just mentioned support level downside, more pressure from the bears can reduce the price to 0.29 and $0.17 level. The inability to break down the $0.22 level may result in strong bullish momentum which will be targeting resistance levels at $0.25, $0.27, and $0.29. The price has moved down below the two dynamic supports trading below 9 periods EMA and the 21 periods EMA. Also, the relative strength index period 14 is bending at 30 levels indicate a sell signal.

XRP/USD medium-term Trend: Bearish

The crypto was trading within the wedge formed in the 4-hour chart last week. The bears have pushed out the price to break out of the wedge and it is targeting the support level of $0.22 for another downward breakout.

XRPUSD 4-hour chart, September 23

The crypto remains below the two EMAs and the price is trading below the 9 periods EMA and 21 periods EMA. The price may reverse at the support level of $0.22 because it has touched the level two times, it looks like a double bottom chart pattern.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.