XRP/USD Price: Price Retracement Set to Continue or End?

XRP/USD Price: Price Retracement Set to Continue or End?

XRP/USD Market October 21

The breaking up of the $0.25 resistance level will push up the price to resistance levels at $0.25, $0.27, and $0.29. The interruption of the bullish movement by the bears may result in price consolidation.

Key Levels:

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

XRP/USD Long-term Trend: Bullish

The crypto is bullish in the daily chart. The support level of $0.23 withstands the pressure of the bears and the price could not penetrate the level downside. The bulls gain more momentum; this is noticed with the formation of bullish candles. Yesterday, the price was pulled back and it reduces by – 0.96%; the price opened at the $0.245927 price level and closes at the $0.243573 level.

XRPUSD Daily chart, October 21

Today, the bulls are dominating the market as the market opens with a daily bullish candle and the price is moving towards the $0.25 resistance level. The price is struggling to cross the two EMAs upside to establishing full bullish movement. The breaking up of the $0.25 resistance level will push up the price to resistance levels at $0.25, $0.27, and $0.29. The interruption of the bullish movement by the bears may result in price consolidation. Traders should watch out for the barriers at $0.23, $0.22, and $0.21 support levels.

XRP/USD medium-term Trend: Bullish

XRPUSD is bullish on the 4-hour chart. The bearish momentum was interrupted at the dynamic support levels. The price reversed making a “U” shape pattern and the price is aiming at the $0.25 level. The price is currently pulling back with the formation of a bearish candle.

XRPUSD 4 hour chart, October 21

XRP has crossed the 9 periods EMA and the 21 periods EMA upside and it is trading above the two EMAs. However, the relative strength index period 14 is pointing down at 60 levels which connotes 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.