Ripple (XRP) Rallies above Resistances, but Sellers Are Unrelenting



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

XRP/USD Long-term Trend: Bullish
Surprisingly, the bulls made an impressive move as it reaches the high of $0.24. The selling pressure was overwhelming as the bears push the price to a low of $0.22. Meanwhile, if the selling pressure continues, the coin will fall to the low of $0.20. Alternatively, if the support at $0.22 holds, XRP will rise to retest the $0.24. If the support holds, it shows that the bulls are still in control. Nevertheless, more buyers are still needed to push XRP to the previous highs.

XRP/USD - Daily Chart

Daily Chart Indicators Reading:
Ripple is trading below 80% range but approaching  an overbought area of the daily stochastic. The coin is in a bearish momentum. The price bars were above the 21-day SMA and the 50-day SMA indicating the upward move. A break below the EMAs indicates that the downtrend has resumed.

XRP/USD Medium-term Prediction: Bullish
On the 4-hour chart, the coin is at the low of $0.21 but rose to a high of $0.24. The selling pressure made the coin to fall  to a low of $0.22. After consolidation, the market rose from the low of $0.22 to resume the upward move . If the current momentum is sustained the price will retest the high of $0.24.

XRP/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The Relative Strength Index (RSI) period 14 level 58 indicates that the coin is approaching the bullish trend zone. The price is likely to rise to retest the current resistance at $0.24.

General Outlook for Ripple (XRP)
Ripple (XRP) has risen to a high of $0.24 but was overwhelmed by selling pressure. XRP fell to its  previous low. Ripple is likely to hold at the current support of $0.22. That means it  is likely to rise to retest the $0.24 resistance level.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: Buy
Entry price: $0.22
Stop: $0.18
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.