XRP/USD price: Will There Be a Bearish Breakout at $0.9 Level?

XRP/USD price: Will There Be a Bearish Breakout at $0.9 Level?

XRP/USD Market February 02

Should the Bears break down the support level at $0.39, then, $0.28 and $0.21 price level may be tested. In case the support level of $0.39 hold, the price may bounce and face the resistance level of $0.49, $0.63 and $0.73.

XRP/USD Market
Key Levels:

Resistance levels: $0.49, $0.63, $0.73

Support levels: $0.39, $0.28, $0.21

XRP/USD Long-term Trend: Bearish

On the daily chart, XRP/USD is bearish. The Bears are in control of the XRP market. The price action has formed a Double Top chart pattern on the daily chart. The currency pair has been under the control of the bulls. The resistance level at $0.63 was tested on February 14. It pulled back to retest the support level of $0.49. The bulls pushed up the price to test the resistance level of $0.63 second time on February 22. It means the resistance level of $0.63 stands as a strong barrier to the currency. The price falls to $0.39 level before the market close.

XRPUSD Daily chart, February 28

The 9 periods EMA is crossing the $21 periods EMA downside and the coin is trading below the dynamic support and resistance level at $0.39 zone. Should the Bears break down the support level at $0.39, then, $0.28 and $0.21 price level may be tested. In case the support level of $0.39 hold, the price may bounce and face the resistance level of $0.49, $0.63 and $0.73.

XRP/USD Medium-term Trend: Bearish

On the medium-term outlook, XRP/USD is Bearish. The price bounced off the resistance level of $0.63 after testing the mentioned level two times. The bears were able to increase their pressure, the price is currently decreasing towards $0.39 level.

XRPUSD 4-hour chart, February 28

XRP price has crossed down the two dynamic support and support level of $0.49 as a sign of bearish movement. Further decrease in the XRP price is highly envisaged. The Relative Strength Index period 14 is pointing upside to indicate a buy signal. As at the moment, XRP price is trading below the 9 periods EMA and 21 periods EMA. The support level at $0.39 may be penetrated downside and the price continues its bearish momentum.

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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.