XRP/USD Market August 30
The Breakup of the two dynamic resistance levels by the bulls may increase the price to $0.29, if it does not hold the price, then; it will increase to $0.33 which may later reach $0.36 level. In case $0.29 price level holds, the price may reverse and continue the bearish trend to $0.21 and $0.17 provided $0.26 level does not hold.
Key Levels:
Resistance levels: $0.29, $0.33, $0.36
Support levels: $0.26, $0.21, $0.17
XRP/USD Long-term Trend: Bullish
The crypto was bearish last week; the bearish momentum pushed the price to the support level at $0.26 as it was predicted last week. It had a breakout at the mentioned support level but the pressure of the bears is not enough to sustain the breakout, it then results in a fake breakout. On 28 August, a bullish candle emerged as an indication that the buyers are ready to dominate the market. The price was pushed up to break up the descending channel formed.
At the moment, the coin is heading towards the resistance level at $0.29. Also, it is breaking up the 9 periods EMA and 21 periods EMA which indicates that the bulls are taking over the market. The Breakup of the two dynamic resistance levels by the bulls may increase the price to $0.29, if it does not hold the price, then; it will increase to $0.33 which may later reach $0.36 level. In case $0.29 price level holds, the price may reverse and continue the bearish trend to $0.21 and $0.17 provided $0.26 level does not hold.
XRP/USD medium-term Trend: Bullish
On the medium-term outlook, XRP/USD is Bullish. The price action has formed a descending channel on the 4-hour chart. The price has touched the lower trend line of the channel and bounces upside. XRP price has crossed the two dynamic resistance upside, also, the 9 periods EMA is crossing the 21 periods EMA upside which indicates an increase in bullish momentum.
The probability of price increase to the resistance level at $0.29 is very high. The Relative Strength Index period 14 is pointing up at 70 levels to indicate a buy signal.
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