XRP/USD Price May Fall to Support Level at $0.22 in Case $0.25 Level Holds

7 October 2020 | Updated: 7 October 2020
XRP/USD Market October 04

An increase of the bulls’ momentum may break up the resistance level at $0.25 and if the daily candle closes above the mentioned level, then the price will target the resistance levels at $0.27 and $0.29. Looking downside, the barriers may be found at the support levels of $0.22, $0.20, and 40.17.

Key Levels:

Resistance levels: $0.25, $0.27, $0.29
Support levels: $0.22, $0.20, $0.17

XRP/USD Long-term Trend: Bullish

XRPUSD is bullish in the daily chart. The bears failed to break down the support level of $0.22 after the breakout from the consolidation mode. The strong daily bullish candle that emerged on October 04 is an indication that the bulls are ready to dominate the market. The price increases to break up the resistance level of $0.25 on October 06. The bullish momentum pulls back to retest the dynamic support level.

XRPUSD daily chart, October 07

Another daily bullish candle formed today; it is an indication that bullish movement may continue. An increase of the bulls’ momentum may break up the resistance level at $0.25 and if the daily candle closes above the mentioned level, then the price will target the resistance levels at $0.27 and $0.29. Looking downside, the barriers may be found at the support levels of $0.22, $0.20, and 40.17. The price maintains its position above the 9 periods EMA and 21 periods EMA coupled with the raising up of the relative strength index period 14 above 50 levels indicate a strong buy signal.

XRP/USD medium-term Trend: Bullish

XRPUSD is bullish in the 4-hour chart. The bulls maintain their pressure to the extent that the price breaks up at the resistance level of $0.25 but the bears opposed the price increase. It drops back to the dynamic support levels. It seems the bulls are taking over again. In case the resistance level of $0.25 holds, the price will fall back to the support level at $0.22.

XRPUSD 4-hour chart, October 07

The price is trying to play above the 9 periods EMA and the 21 periods EMA upside which is an indication that the bulls’ momentum is increasing. The relative strength index period 14 is pointing up to indicate a buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.