XRP/USD Price Breaks Down $0.29 Support Level, Targeting $0.26

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RESULTS

XRP Weekly Price Analysis – August 23

The ability to break down the support level at $0.26 by the bears will reduce the XRP price to $0.21 and $0.17 support levels. The inability to penetrate the $0.26 price level downside may return the price towards the resistance levels at $0.29, $0.33, and$0.36.

XRP/USD Market

Key Levels:

Resistance levels: $0.29, $0.33, $0.36

Support levels: $0.26, $0.21, $0.17

XRP/USD Long-term Trend: Bearish

The resistance level at $0.33 was the last week high in the XRP market. The bulls lose the momentum at the $0.33 price level twice. The double top chart pattern is information as the last part of the “M” shape is in progress. The price is currently below the former demand level of $0.29, exposes to the $0.26 demand level. The bearish force is increasing as the daily candle produce today is bearish. 

XRP has crossed the 9 periods EMA and 21 periods EMA downside and the coin is trading below the two EMAs. The ability to break down the support level at $0.26 by the bears will reduce the XRP price to $0.21 and $0.17 support levels. The inability to penetrate the $0.26 price level downside may return the price towards the resistance levels at $0.29, $0.33, and$0.36. 

XRP/USD Medium-term Trend: Bearish

XRP is bearish on the 4-hour chart. The price is gradually descending as it was predicted last week. The demand level at $0.29 could not hold the price; the just mentioned level has turned to resistance level as the price is already below it. The price action in the 4-hour chart has formed a descending channel coupled with the trading of XRP below the 9 periods EMA and 21 periods EMA are indications that bearish trend may continue. The coin is targeting $0.26 price level which may not hold the price and the price may reduce to $0.21 and $0.17.