Key Resistance levels: $0.30, $0.40, $0.45
Key Support Levels: $0.25, $0.20, $0.15
XRP/USD Long-term Trend: Bearish
Expectedly, XRP has traded to the bottom of the chart. In the previous analysis, we have indicated that the price will reach a low of $0.24. At that support, the bearish pressure may continue to the low of $0.22. Today, the XRP has reached a low of $0.23, further depreciation is expected to the low of $0.22. We had this low in September, and the market respected the historical price level. XRP made a pullback as the coin reached the low of $0.22 price level.
Daily Chart Indicators Reading:
The Relative Strength Index is the major indicator for consideration. The RSI period 14 level 26 means that XRP is trading in the oversold region below level 30 suggesting that bulls may take control of price. The pair will trade below level30 and reverse. The coin may reverse in a matter of days. Also, XRP has a bearish crossover as the 21-day SMA crosses below the 50-day SMA indicating that price is falling.
XRP/USD Medium-term Prediction: Bearish
On the 4-hour chart, the price was making a series of lower highs and lower lows. The 21-day SMA is acting as a resistance to the price while the support line of the channel acts as a support.
4-hour Chart Indicators Reading
The 21-day and the 50-day SMAs are sloping downward indicating the downtrend. This indicates that the price is falling. XRP is in a strong bearish momentum according to the daily stochastic.
General Outlook for Ripple (XRP)
XRP has fallen to the oversold region of the market as the market is testing the $0.23 price level. We are expecting that the coin may trade and reverse either at the $0.22 or $0.23 price level. Traders should lookout for a buy setup to initiate buy orders.
Ripple (XRP) Trade Signal
Order: buy Limit
Entry price: $0.22
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.