XRP/USD price: Will There Be a Bearish Breakout at $0.29 Level?

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Azeez Mustapha

Updated: 13 October 2022

Should the Bulls break up the resistance level at $0.29, then, $0.33 and $0.36 price level may be tested. In case the support level of $0.26 is penetrated by the bears and the daily candle close below the level, then, a further decrease in price to $0.21 and $0.17 should be expected.

XRP/USD Market

Key Levels:

Resistance levels: $0.29, $0.33, $0.36
Support levels: $0.26, $0.21, $0.17

XRP/USD Long-term Trend: Bearish

On the 4-Hour chart, XRP/USD is bearish. The Bears are still in control of the XRP market. The price action has formed a descending channel on the 4-Hour chart. The currency pair has been on the ranging movement for six days. The resistance level at $0.29 stands as a strong barrier to the currency; likewise, the demand level at $0.26 continues to be defended by the bulls, preventing the bearish breakout. On August 25, the bears pushed the pair to penetrate the support level at $0.26 but the bulls oppose the movement. The market closed yesterday with a daily bearish candle.

The currency pair is trading within the dynamic support and resistance at $0.29 zone and the two EMAs are parallel close to each other as a symbol of a ranging market. Should the Bulls break up the resistance level at $0.29, then, $0.33 and $0.36 price level may be tested. In case the support level of $0.26 is penetrated by the bears and the daily candle close below the level, then, a further decrease in price to $0.21 and $0.17 should be expected.

XRP/USD medium-term Trend: Bearish

On the medium-term outlook, XRP/USD is Bearish. XRP price has crossed down the two dynamic support and resistance as a sign of bearish movement. The price bounced at the upper trend line of the descending channel and the bears were able to increase their pressure, the price is currently decreasing towards $0.26 level.

Further decrease in the XRP price is highly envisaged. The Relative Strength Index period 14 is pointing downside to indicate a sell signal. As at the moment, XRP price is trading below the 9 periods EMA and 21 periods EMA. The support level at $0.26 may be penetrated and the price continues its bearish momentum.