XRP/USD Price Is Testing a Key Support Level, Bulls May Take Over

XRP/USD Price Is Testing a Key Support Level, Bulls May Take Over

XRP/USD Market November 02

When the sellers gather enough pressure and the daily candle penetrate the $0.23 level downside and close below it, then, the bearish movement will continue to the $0.22 and $0.21 support level. On the other hand, the bulls may prevail and the price will increase towards the resistance levels at $0.25, $0.27, and $0.29.

Key Levels:

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

XRP/USD Long-term Trend: Bearish

XRPUSD is bearish in the daily chart. The cryptocurrency followed the short “M” chart pattern formed last week. The price decreased to test the support level of $0.2. The bulls are defending the price level mentioned with the formation of daily Doji candles. The Bulls are struggling to prevent a further decrease in the price of the coin. Today, the bulls are pushing up the price to test the dynamic resistance level, attempting to take over the market.

XRPUSD Daily chart, November 02

XRP penetrated the two dynamic support levels downside last week and the price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. Consolidation is ongoing at the support level of $0.23, when the sellers gather enough pressure and the daily candle penetrate the $0.23 level downside and close below it, then, the bearish movement will continue to the $0.22 and $0.21 support level. On the other hand, the bulls may prevail and the price will increase towards the resistance levels at $0.25, $0.27, and $0.29.

XRP/USD medium-term Trend: Bearish

XRPUSD is bearish on the 4-hour chart. The bearish momentum that commenced at the $0.25 level decreases the price to the support level at $0.23; the price had a fake breakout on October 20 to test the $0.22 price level before it returns to the $0.23 level where it is currently consolidating.

XRPUSD 4 hour chart, November 02

XRP is trying to cross the 9 periods EMA and the 21 periods EMA upside. Meanwhile, the relative strength index period 14 is pointing up at 45 levels which indicates a buy signal.

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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.