XRP/USD price Is Approaching a Potential Bullish Reversal Level
Azeez Mustapha
XRP/USD Market September 06
Breaking down the $0.21 level will drop the price at $0.17 and $0.14. In case the demand level at $0.21 holds the price, the XRPUSD may reverse and face the resistance levels of $0.26, $0.29, and $0.33.
Key Levels:
Resistance levels: $0.26, $0.29, $0.33
Support levels: $0.21, $0.17, $0.14
XRP/USD Long-term Trend: Bearish
XRPUSD is bearish in the long-term trend. XRP was bullish a week ago. The coin was increasing towards the $0.33 resistance level. The bears’ interruption was confirmed with the formation of the bearish engulfing candle at the $0.29 level. The price decline and penetrate downside the demand level of $0.26 with the formation of a strong bearish candle. The price is decreasing towards the demand level of $0.21.
XRPUSD has broken down the two EMAs and it is trading below the 9 periods EMA and 21 periods EMA which indicate an increase in bearish momentum that leads to a decrease in price. The relative strength index period 14 is exhibiting a buy signal by pointing up below the 50 levels. The probability of price reaching the low of $0.21is high as the price action formed a descending channel in the daily chart. Breaking down the $0.21 level will drop the price at $0.17 and $0.14. In case the demand level at $0.21 holds the price, the XRPUSD may reverse and face the resistance levels of $0.26, $0.29, and $0.33.
XRP/USD medium-term Trend: Bearish
XRP/USD topped at the resistance level of $0.29 on September 02. The bearish engulfing candle emerged at the same level. It is an indication that the bears are increasing their momentum in the 4-hour chart. The price falls and penetrates downside the demand level at $0.26. The XRP price is targeting the demand of $0.21.
The price is trading below the 9 periods EMA and 21 periods EMA with the two EMAs separated from each other which indicates an increase in bearish momentum. The RSI indicator is pointing down below the 40 levels which connotes a sell signal.
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