XRP/USD Price Is Consolidating Within $0.23 and $0.25 Levels

XRP/USD Price Is Consolidating Within $0.23 and $0.25 Levels

XRP/USD Market November 04

The bearish movement will continue as long as the bears increase their pressure, $0.22 level will be tested, penetrated, and reach the support level of $0.21. In case the bulls prevail and penetrate the dynamic resistance level upside, then barriers will be found at $0.25, $0.27, and $0.29 resistance levels.

Key Levels:

Resistance levels: $0.25, $0.27, $0.29
Support levels: $0.23, $0.22, $0.21

XRP/USD Long-term Trend: Bearish

On the daily chart, XRPUSD is bearish. The coin remains under the control of the sellers, though, there is a battle going on between the sellers and the buyers in the daily chart. The sellers are struggling to break down the $0.23 to test the support level of $0.22 but the buyers are opposing the declination of the price. Yesterday, the coin gains profit, today, it loses the profit gained yesterday. The support level of $0.22 is tested but the bears have no enough strength to sustain it.

XRPUSD Daily chart, November 04

The price is trading below the 9 periods EMA and 21 periods EMA after it penetrated the two dynamic support levels downside. The price is consolidating at the support level of $0.23; this may be due to the volatility in the US dollar market. The bearish movement will continue as long as the bears increase their pressure, $0.22 level will be tested, penetrated, and reach the support level of $0.21. In case the bulls prevail and penetrate the dynamic resistance level upside, then barriers will be found at $0.25, $0.27, and $0.29 resistance levels.

XRP/USD medium-term Trend: Ranging

XRPUSD is ranging on the 4-hour chart. The price has been ranging between the resistance level of $0.23 and the support level of $0.22 for two weeks. On the 4 hour chart, the resistance level of $0.23 has been defended by the bears. Likewise, the bulls are defending the support level of $0.22.

XRPUSD 4 hour chart, November 04

XRP is ranging over and around the 9 periods EMA and the 21 periods EMA as an indication that consolidation is in progress. The relative strength index period 14 is pointing up at 50 levels which indicates a buy signal.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.