Ripple (XRP) Holds Above $0.21 Support, Targets $0.22500 Resistance


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

XRP/USD Long-term Trend: Bullish
Ripple is currently trading at $0.21972 at the time of writing. The recent upward move has been hampered at the resistance of $0.24000. The bulls were repelled and the market fell to the  support above $0.21000. Buyers have been defending the $0.21support aggressively after the downtrend.

On the downside, if the bears succeed in breaking the $0.21 support, the market will fall to the next support at $0.20500 or $0.20. On the upside, if XRP rises and breaches the minor resistance at $0.22500; a retest of $0.23500 resistance is possible. If the bulls are rejected at $0.22500, XRP is likely to fall.

XRP/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move.Initially, Ripple reached the overbought region of the RSI period 14. After the selling pressure, the price fell to level 61 of the Relative Strength Index period 14. It is also above the centerline 50 which indicates a possible rise.

XRP/USD Medium-term Trend: Bullish
On the 4 hour chart, Ripple is in an uptrend but battles the resistances of $0.22500 and $0.23500. Ripple was previously trading at $0.23500 but the coin fell because it reached the overbought region. The subsequent upward move has been stopped at $0.22500 resistance.

XRP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and the 21-day SMAs are sloping sideways below the $0.22500 resistance. Presently, Ripple is above 40% range of the daily stochastic. It means that the coin is in a bullish momentum

General Outlook for Ripple (XRP)
Ripple is in an uptrend as the market reaches a high of $0.23500. The crypto dropped from its current high as it was overbought. Sellers emerged to push the coin to $0.21 low. The bulls attempted to move up but were resisted at $0.22500. The bulls are making another move to retest the minor resistance at $0.22500.

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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.