XRP/USD Price Set up to Stay Strong

XRP/USD Price Set up to Stay Strong

XRP/USD Market November 08

The price may reach the resistance level of $0.27 provided the bulls maintain their pressure; further increase in the bulls’ momentum may break up $0.27 and target the $0.29 price level. Should the price reverse, it may find support at $0.23, $0.22, and $0.21price level.

Key Levels:

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

XRP/USD Long-term Trend: Bullish

XRPUSD is bullish on the daily chart; the bearish momentum is exhausted at the $0.22 support level on November 03. There are formations of Doji candles at the $0.23 support level. Following the Dojis is the bullish engulfing candle at the same support level. The price increase and break up the resistance level of $0.25, soared towards a $0.27 resistance level. The price was unable to reach the mark before the bears interrupted the bullish movement to carry out a retest. Today, another daily bullish candle emerges pushing the price above the $0.25 level.

XRPUSD Daily chart, November 08

The fast SMA is crossing the slow SMA upside and the price is trading above the 9 periods EMA and 21 periods EMA to indicate bullish momentum. The price may reach the resistance level of $0.27 provided the bulls maintain their pressure; further increase in the bulls’ momentum may break up $0.27 and target the $0.29 price level. Should the price reverse, it may find support at $0.23, $0.22, and $0.21price level.

XRP/USD medium-term Trend: Bullish

XRPUSD is inclining towards the resistance level of $0.27; this may be due to the weakness of the US dollar. The price retraced to test the broken level. The bulls are currently resuming into the market and that is why more bullish candles are emerging.

XRPUSD 4 hour chart, November 08

XRP is trading above the 9 periods EMA and the 21 periods EMA as an indication that the bulls are in control of the market. The relative strength index period 14 is pointing up at 60 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.