XRP/USD Price Is Trying to Bottom at Long-Term Support

XRP/USD Price Is Trying to Bottom at Long-Term Support

XRP/USD Market October 28

An increase in the bears’ pressure will further decrease the XRP price to the $0.23 level, suppose the last-mentioned level does not hold, the price will test the $0.22 which may finally place the price at the $0.21 level. In case the $0.23 holds, the bullish trend may continue and the price will be aiming at $0.27 and $0.21resistance levels provided $0.23 does not hold.

Key Levels:

Resistance levels: $0.25, $0.27, $0.29

Support levels: $0.23, $0.22, $0.21

XRP/USD Long-term Trend: Bearish

The bears are dominating the XRPUSD market as was stated in the last report. The bulls could not push the coin above the confluence at the $0.25 resistance level. It pulled back yesterday to retest the broken level. Another bearish daily candle is information at the moment and the price is declining towards the support level at $0.23. The cryptocurrency may decrease further to the just mentioned level as long the bears maintain their momentum.

XRPUSD Daily chart, October 28

XRP is descending to the previous low at $0.23; it is struggling to break down the two dynamic support levels. An increase in the bears’ pressure will further decrease the XRP price to the $0.23 level, suppose the last-mentioned level does not hold, the price will test the $0.22 which may finally place the price at the $0.21 level. In case the $0.23 holds, the bullish trend may continue and the price will be aiming at $0.27 and $0.21resistance levels provided $0.23 does not hold. Looking at the chart above, the RSI indicator with its signal line indicates a sell signal at 50 levels.

 XRP/USD medium-term Trend: Bearish

XRPUSD is bearish on the 4-hour chart. The price action on the XRPUSD 4 hour chart has formed a short “M” chart pattern; this is a bearish chart pattern that may decline the price to the $0.23 support level as long the bears keep their momentum.

XRPUSD 4 hour chart, October 28

XRP has crossed the 9 periods EMA and the 21 periods EMA downside and it is trading below the two EMAs. Meanwhile, the relative strength index period 14 is pointing down at 40 levels which indicates a sell 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.