XRP/USD Price Is Consolidating at $0.29 Level, Awaiting a Breakout

 

XRP Weekly Price Analysis – August 06

Should the bulls push up the price to reach the resistance level at $0.33 and the level does not hold the price, the next resistance level can be found at $0.36 and $0.39. In case the bears manage to push the price below the support level at $0.29 with the daily candle closes below the level, then, further price declination may be possible and the support levels may be found at $0.24 and $0.20.

XRP/USD Market

Key Levels:

Resistance levels: $0.33, $0.36, $0.39

Support levels: $0.29, $0.24, $0.20

XRP/USD Long-term Trend: Bullish

The bulls are holding tight to the XRP/USD market. After the breakup that took place at $0.29 price level on August 02, it sporadically increased to test the resistance level of $0.33 but the bulls’ momentum became weak. A long-legged daily Doji candle formed at $0.29 price level; this indicates indecision. Following the Doji formation is a daily strong bullish candle, but the bullish momentum could not drive the price further and this led to price consolidation.

Should the bulls push up the price to reach the resistance level at $0.33 and the level does not hold the price, the next resistance level can be found at $0.36 and $0.39. In case the bears manage to push the price below the support level at $0.29 with the daily candle closes below the level, then, further price declination may be possible and the support levels may be found at $0.24 and $0.20. The relative strength Indicator is above 75 levels and the signal line flips towards north to indicate buy. 

XRP/USD Medium-term Trend: Ranging

XRP is on the ranging movement in the 4-hour chart. The bulls’ momentum is currently weak, likewise, the bears’ pressure and this is what led to consolidation at $0.29 price level. The bears have to gain more pressure before a breakout at $0.29 level occurs. The 9 periods EMA and 21 periods EMA are close to each other and the price hovering over the EMAs.

Trade setup may be placed as Sell stop order at $0.28273, Take profit at $0.21326, Stop loss at $0.34227. This signal becomes invalid if it does not trigger within 8 hours.