XRP/USD price Hovers Between $0.24 and $0.23 Price Levels

XRP/USD price Hovers Between $0.24 and $0.23 Price Levels

XRP/USD Market September 30

In case the bulls gain more strength to break up the dynamic resistance level, the $0.25 price level may not hold and the price will reach the resistance levels at $0.27 and $0.29. The bearish movement will continue if the bulls fail to break up the confluence at the $0.25 level.

Key Levels:

Resistance levels: $0.24, $0.25, $0.27, $0.29
Support levels: $0.23, $0.22, $0.20, $0.17

XRP/USD Long-term Trend: Ranging

XRPUSD is on the ranging mode in the daily chart. The formation of the “Tweezer bottom” candle pattern on September 24 is an indication that the bulls are ready to take over the market. The bulls initiated the upward movement towards the resistance level of $0.25. Along the way, the bulls lose the momentum and the increase is hindered, likewise, the bears’ pressure is not enough to drive the coin downside, then the price commences consolidation at $24 and $23 price level.

XRPUSD Daily chart, September 30

The 9 periods EMA and 21 periods EMA are coming close to each other and the distance between the two are becoming narrower while the price is trading between the two. The breakout at the $23 price level will make the coin continue its bearish trend towards the support level of $0.22 to $0.20 which may extend to $0.17. The penetration of the $24 level upside will trigger the continuation of the bullish trend towards $0.25, $0.27, and $0.29 price levels.

XRP/USD medium-term Trend: Ranging

On the medium-term outlook, XRPUSD is ranging. The bullish movement that commenced on September 24 could not continue due to weakness in the bulls’ momentum. The bears’ pressure is equally weak at the moment in the 4-hour chart. In other words, the momentum of Bulls and Bears are at equilibrium.

XRPUSD 4 hour chart, September 30

The 9 periods EMA and 21 periods EMA are interlocked to each other and the price is trading over and around the two EMAs. The relative strength index period 14 is moving zigzag showing no specific direction, this indicates that consolidation is ongoing in the XRP market.

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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.