XRP/USD Price: Will Critical Resistance Level at $0.47 be Broken?

XRP/USD Price: Will Critical Resistance Level at $0.47 be Broken?

XRP/USD Market November 22

The price may reach the resistance level of $0.28 provided the bulls increase their pressure, in case the mentioned level does not hold the resistance level of $0.33 and $0.36 may be tested. Should the bears exert more pressure, the support level of $0.26 may be penetrated and the support levels of $0.25 and $0.23 may be reached.

Key Levels:

Resistance levels: $0.47, $0.52, $0.55
Support levels: $0.43, $0.39, $0.36

XRP/USD Long-term Trend: Bullish

XRPUSD is bullish in the daily chart; the bulls are fully in control of the XRP market without the intervention of the bears in the daily chart. November 21 is another breakthrough day for the bulls as the daily candle formed is massive, which breaks up the former resistance levels at $0.36, $0.39, and $0.43. The strong bullish momentum has extends to the resistance level at $0.47. The probability of price increasing up to $0.52 is very high.

XRPUSD Daily chart, November 22

The coin is trading far above 9 periods EMA and 21 periods EMA, the former has crossed the later upside. Further increase in the bulls’ momentum will break up the $0.47 level, which will place the price at the $0.52 level. Below the current price, level is the support levels at $0.43, $0.39, and $0.36. The relative strength index period 14 is at 80 levels displaying further price increase.

XRP/USD medium-term Trend: Bullish

XRPUSD remains under the control of the bulls. The price soars to the north and penetrates all the barriers at $0.36, $0.39, and $0.43. The price tested the resistance level of $0.47 today and pulls back to retest the support level of $0.43 before the continuation of bullish movement.

XRPUSD 4-hour chart, November 22

The relative strength index period 14 is pointing down at 75 levels which connotes a sell signal and it may be a pullback. The crypto has penetrated the two EMAs upside and it is currently trading above the 9 periods EMA and the 21 periods EMA which indicates that the price may increase further.

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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.