XRP/USD price May Test Support Level at $0.21 Before It Gains Strength

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XRP/USD Market September 09

Should the sellers increase their pressure; the price will decline to a support level at $0.21 which may extend to $0.17 and a support level at $0.14. Any interruption by the buyers may cause an increase in the price towards the resistance levels at $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 consolidating around $0.23 zone for four days. Yesterday, the XRP market opened at $0.242029 and closed at $0.236753; it means the coin decreases with -2.18%. In other words, XRP remains bearish and the sellers maintain their momentum. The price remains within the descending channel. The buyers are struggling to push up the coin towards the dynamic resistance level of 9 periods EMA. There is a tendency for bearish movement to continue in the XRP market.

The crypto remains below the two EMAs and it is trading below the 9 periods EMA and 21 periods EMA at a distance which connotes further decrease in XRP price. Should the sellers increase their pressure; the price will decline to the support level at $0.21 which may extend to $0.17 and support level at $0.14. Any interruption by the buyers may cause an increase in the price towards the resistance levels at $0.26, $0.29, and $0.33. The relative strength index period 14 is found below 50 levels parallel to the level showing no specific direction indicate that short period consolidation is ongoing.

XRP/USD medium-term Trend: Bearish

XRP/USD is bearish in the 4-hour chart. The strong bearish engulfing candle that emerges at the resistance level of $0.29 triggers the sellers’ pressure which pushes the coin to break down the former demand level at $0.26. It carries out retracement and currently targeting the support level at $0.21.

The two EMAs were above the coin, that is, the price is trading below the 9 periods EMA and 21 periods EMA which connotes a bearish trend. However, the RSI indicator is pointing up at 40 levels which means that the bulls may dominate the XRP market soon.