Ripple (XRP) Declines, Faces Selling Pressure at $0.22 Resistance


Key Resistance Levels: $0.30, $0.40, $0.45
Key Support Levels: $0.25, $0.20, $0.15

XRP/USD Long-term Trend: Bearish
Ripple was earlier trading above $0.21 for over six days before the price breakdown. XRP dropped to the low of $0.17501 after breaking the support line. There is an indication of a downward move as price closed below the support line. Presently, XRP is trading at $0.19337 and a down move to $0.18 and $0.17 is expected. Nonetheless, a rebound is expected if the $0.19 support level holds.

XRP/USD – Daily Chart

Daily Chart Indicators Reading:
During the downtrend, price breaks the support line indicating a further downward move. The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move. Ripple has fallen to level 42 of the Relative Strength Index period 14. It is also below the centerline 50. Ripple is likely to fall.

XRP/USD Medium-term Trend: Bullish
On the 4 hour chart, XRP is fallen above $0.19 and it is consolidating above it. The bulls have made concerted efforts to break the $0.20 resistance but were resisted. XRP is falling approaching the $0.19 support.

XRP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and the 21-day SMAs are sloping downward. Ripple is above 40% range of the daily stochastic. It means that the coin is in a bullish momentum. However, the stochastic bands are sloping horizontally. This indicates that price is consolidating above the current support.

General Outlook for Ripple (XRP)
Ripple is in a downward move. Since price is below 12-day EMA and 26-day EMA, the coin is likely to fall. Alternatively, a rebound is possible if the support level at $0.19 holds.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.