Ripple (XRP) Pulls Back Amid Bullish Expectations


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

XRP/USD Long-term Trend: Bearish
On November 6, the bulls made a positive move but were resisted at the $0.31 price level. This singular resistance has thrown XRP into another downward move. In recent times, the coin has been making frantic effort to break into the previous highs but the $0.30 has been a strong resistance level. The bulls are faced with the challenge to penetrate the $0.30 and $0.31 price levels.

The price tested the resistance levels but lack of buyers at the upper price level, compels the coin to fall. XRP is trading at $0.27, and if the selling pressure continues, the market will reach a low of $0.24. However, if the coin has more buyers at the $0.25 price level, the price may find support at $0.25.

XRPUSD-Daily Chart

Daily Chart Indicators Reading:
The bears have broken the support line of the channel. This signifies that XRP may further depreciate. As the support line is broken, XRP may fall to a low of $0.24. The market has fallen to level 42 of the RSI, meaning that it is below the centerline 50. Also, the coin tends to fall.

XRP/USD Medium-term Prediction: Bullish
On a 4-hour chart, XRP had its last bearish impulse on September 24 and the coin fell to a low at $0.23. It commenced a bullish move and reached a high of $0.30. XRP has been facing resistance at $0.30 in October. The bulls tested the resistance level several times before it was repelled. It appears the coin has resumed a downward move.

XRPUSD-4-Hour Chart

4-hour Chart Indicators Reading
In the same manner, the bears have broken the support line as the price fell to a low at $0.27. The price made retest at $0.28 and resumed the downward move. The 21-day and 50-day EMAs are sloping downward indicating that the market is falling.

General Outlook for Ripple (XRP)
All the indicators are showing that XRP is in a bearish momentum. There is likelihood that the coin will revisit the previous low of $0.24 if the downtrend continues. Nevertheless, as the market continues its fall, the price may find support at $0.24 or $0.25 price levels.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: Sell
Entry price: $0.27
Stop: $0.29
Target: $0.24

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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.