Ripple (XRP) Is Oversold at $0.23, Awaits a Bullish Move


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 is at the bottom of the chart, consolidating above $0.23 support level. Further downward move of the coin is unlikely as the coin has fallen into the oversold region of the market. In the oversold region the selling pressure is said to be ended. In other words, Ripple is likely to drop. Most importantly, there will be the emergence of buyers to push XRP upward. In the meantime, after the last bearish candlestick, the prices are consolidating above $0.23 support.

XRP/USD – Daily Chart

Daily Chart Indicators Reading:
Ripple is now trading below 20% range of the daily stochastic. Undeniably, the coin is now in the oversold region of the market. It also means that selling are unavailable. Expectantly, buyers are expected to emerge in the oversold region. Ripple is expected to rise.

XRP/USD Medium-term Trend: Bearish
In its downward move, XRP fall to the low of $0.22 on March 1 and rebounded. The market went to the high of $0.24 but was repelled. The price is fluctuating at the current low.

XRP/USD – 4 Hour Chart

4-hour Chart Indicators Reading

Today, Ripple is trading at level 43 of the Relative Strength index. Ripple appears to reach the oversold region of the market. Once it is below level 30, it is said to be in the oversold region. Nevertheless, the 21-day and 50-day SMAs are sloping southward indicating the downtrend.

General Outlook for Ripple (XRP)
Ripple has fallen to the oversold region of the market. According to the stochastic, Ripple is said to be in a strong bearish momentum. XRP is likely to rise as buyers emerge. In the vein, the Relative Strength Index period is approaching the uptrend zone.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: Buy
Entry price: $0.23
Stop: $0.21
Target: $0.28

Note: 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.