XRP Upward Move Is Weak as It Encounters Resistance at $0.23

XRP Upward Move Is Weak as It Encounters Resistance at $0.23

Key Resistance levels: $0.30, $0.40, $0.45
Key Support Levels: $0.25, $0.20, $0.15

XRP/USD Long-term Trend: Bullish
For the past 5 days, XRP is making a slow but steady upward move. On the first day, the price rose from $0.20 to $0.22 but the coin pulled back to $0.21. Today, the price has jumped above the $0.23 price level but pulled back to the low of $0.23. XRP is now facing some resistance near the price of $0.23500. This resistance is the previous support in September. A break above $0.23500, will see the coin rallying above $0.24 price level.

XRPUSD -Daily Chart

Daily Chart Indicators Reading:
The XRP market is above 20% range of the daily stochastic indicator. This means that the market is in bullish momentum. The 50-day SMA and 21-day SMA are pointing southward negating the price action.

XRP/USD Medium-term Prediction: Bullish
On the 4-hour chart, the coin has moved to a bullish trend. The XRP is currently retracing after testing a resistance above $0.23

XRPUSD_4-Hour Chart

4-hour Chart Indicators Reading
The bullish candlestick breaks above the 21-day SMA and 50-day SMA; this indicates that XRP is rising. The RSI period 14 level 59 indicates that the price is above the centerline 50. XRP is rising and approaching the bullish trend zone.

General Outlook for Ripple (XRP)
XRP is rising and in a bullish trend. The upward move is likely to be sustained if the price remains above the EMAs. In other words, if the price is above the resistance line, the upward move will be sustained. However, if the price drops below these levels; the selling pressure will resume.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: buy Limit
Entry price: $0.22
Stop: $0.15
Target: $0.30

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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.