XRP/USD Price Is Under Strong Bullish Control, $0.25 Level May be Penetrated Upside

XRP/USD Price Is Under Strong Bullish Control, $0.25 Level May be Penetrated Upside

XRP/USD Market October 05

The closing of the daily bullish candle above the resistance level of $0.25 may increase to $0.27 and $0.29 resistance level. The inability to close above the resistance level of $0.25 may return the price to the bearish movement towards the support levels of $0.22, $0.20, and $0.17.

Key Levels:

Resistance levels: $0.25, $0.27, $0.29

Support levels: $0.22, $0.20, $0.17

XRP/USD Long-term Trend: Bullish

The crypto was on the ranging mode in the daily chart 4-days ago. The bears pushed the coin down to the support level of $0.22. Yesterday, the price opened at $0.2343 price level and closes at $0.2335 price level; that means there was a price change by – $0.35%. This could be due to an increase in the strength of the US dollar. Today, the dollar strength seems weak against XRP; this leads to an increase in the price of crypto.

XRPUSD Daily chart, October 05

Today, a big daily bullish candle is formed and this engulfs the previous candles and the price is closer to the resistance level of $0.25. The closing of the daily bullish candle above the resistance level of $0.25 may increase to $0.27 and $0.29 resistance level. The inability to close above the resistance level of $0.25 may return the price to the bearish movement towards the support levels of $0.22, $0.20, and $0.17.

XRP/USD medium-term Trend: Bullish

XRPUSD is bullish in the 4-hour chart. The price found support at the support level of $0.22 and the price bounces towards the $0.25 price level. The price may likely break up the just mentioned level and the bullish momentum will continue.

XRPUSD 4 hour chart, October 05

The 9 periods EMA has crossed the 21 periods EMA upside which is an indication that the bulls are in control of the XRP market. The price is currently trading above the two EMAs and the relative strength index period 14 is strongly pointing down to indicate a sell signal which may be a pullback.

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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.