XRP/USD price Is Struggling to Rise Above Big Resistance

XRP/USD price Is Struggling to Rise Above Big Resistance

XRP/USD Market September 20

The price may decline to retest the support level at $0.22, and if the seller’s pressure increases, the level may be penetrated and reduce to $20 and $17 price level. In case the resistance level of $0.25 is penetrated, the price will be exposed to $27 and $29.

Key Levels:

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

XRP/USD Long-term Trend: Ranging

The bears are yet to break down the support level at the $0.22; likewise, the bulls’ momentum is not strong enough to break up the resistance level at $0.25. That is one of the major reasons why the crypto is still ranging within the level of $0.25 and $0.22. However, the price action has formed an ascending channel within the range. The price has the tendency to break up the resistance level of $0.25 provided the bulls’ momentum increased.

XRPUSD daily chart, September 20

The 9 periods EMA is below the 21 periods EMA at close range and the price is trading below the two EMAs. It indicates that the bears are having the upper hand over the bulls today. The price may decline to retest the support level at $0.22, and if the seller’s pressure increases, the level may be penetrated and reduce to $20 and $17 price level. In case the resistance level of $0.25 is penetrated, the price will be exposed to $27 and $29. However, the signal line of relative strength index period 14 is bending down at 40 levels which indicate sell signal.

XRP/USD medium-term Trend: Ranging

The ranging movement continues in the XRP market in the 4-hour chart. The bullish pressure is not enough to break up the resistance level at $0.25 when the price tested the level yesterday. That makes the price to change direction towards the south.

XRPUSD 4-hour chart, September 20

The crypto has crossed the two EMAs downside and the price is trading below the 9 periods EMA and 21 periods EMA. Consolidation continues until there is a breakout at $0.25 or $0.22 price level. The relative strength index period 14 is bending down at 40 levels which connotes a sell signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.