XRP/USD price Is Ranging Within $0.25 and $0.22 Price Levels

XRP/USD price Is Ranging Within $0.25 and $0.22 Price Levels

XRP/USD Market September 16

The breakup of the two EMAs will lead to the breakout of the price at the resistance level of $0.25 which may extend to the resistance level at $0.27 and $0.29 price levels. The breakdown of the support level at $0.22 will push down the price to $0.20 and $0.17 levels.

Key Levels:

Resistance levels: $0.25, $0.27, $0.29
Support levels: $0.22, $0.20, $0.17

XRP/USD Long-term Trend: Ranging

XRPUSD is on the ranging mode in the long – term outlook. The double top chart pattern formed on August 17 triggered the downtrend in the XRP market. The price obeyed the command of the price action; it declines and bottomed at the Support level of $0.22 after passing through the support levels at $0.27 and $0.25. The crypto has been consolidating at the demand zone of $0.22 for more than a week.

XRPUSD Daily chart, September 16

The 9 periods EMA is below the 21 periods EMA and the price is rubbing the surface of the former EMAs as a sign of consolidation in the XRP market. The breakup of the two EMAs will lead to the breakout of the price at the resistance level of $0.25 which may extend to the resistance level at $0.27 and $0.29 price levels. The breakdown of the support level at $0.22 will push down the price to $0.20 and $0.17 levels.

XRP/USD medium-term Trend: Ranging

The bearish pressure is not enough to break down the support level at $0.22; this led to the price repulsion. In the same vein, the bullish momentum is weak and could not break up the resistance level at $0.25. This scenario leads to the ranging of the price within $0.25 and $0.22 price level.

XRPUSD 4-hour chart, September 16

The coin is trading over and around the 9 periods EMA and the 21 periods EMA in which the two are interlocked to each other as a symbol of the consolidation market. Consolidation continues until there is a breakout at $0.25 or $0.22 price level.

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