XRP/USD Is Testing a Potential Bearish Reversal Zone

XRP/USD Is Testing a Potential Bearish Reversal Zone

XRP/USD Market November 18

The increase in price to break up the key resistance level of $0.30 may increase the price to $0.33 and $0.36 resistance levels. On the other hands, the penetration of $0.26 downside may decrease the price to $0.25 and $0.23 levels

Key Levels:

Resistance levels: $0.30, $0.33, $0.36
Support levels: $0.26, $0.25, $0.23

XRP/USD Long-term Trend: Bullish

The bulls are in control of the XRP market for more than a week. In other words, XRPUSD is bullish in the daily chart. Immediately after the breakout from the consolidation zone, the bulls dominate the XRP market and push up the price to break up the resistance level of $0.26. The resistance level of $0.28 was approached and penetrated.

XRPUSD Daily chart, November 18

Yesterday, the price increases to test a key resistance level at $0.30 but unable to break it up. That is the level holds and the price pulled back. The price is trading above the 9 periods EMA and 21 periods EMA at a distance indicates that the bulls are dominating the market. The increase in price to break up the key resistance level of $0.30 may increase the price to $0.33 and $0.36 resistance levels. On the other hand, the penetration of the $0.26 downside may decrease the price to $0.25 and $0.23 levels.

XRP/USD medium-term Trend: Bullish

XRPUSD is bullish in the 4-hour chart. The bulls have pushed up the price to test the $0.30 resistance level after broken up the $0.28 resistance level. At the moment, the price is carrying out price retracement.

XRPUSD 4 hour chart, November 18

There is a probability for price reversal at the resistance level of $0.30 as the relative strength index period 14 is pointing down at 60 levels which connotes a sell signal. The crypto is trying to penetrate the two EMAs downside which indicates that the bulls’ pressure is decreasing in the XRP market. The bears may take over the market soon.

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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.