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

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Azeez Mustapha

Updated: 13 October 2022

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.

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.