XRP Price Analysis: Bears Take Control Of the Market, Bullish Breakout Imminent

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XRP Price Analysis: Bears Take Control Of the Market, Bullish Breakout Imminent
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XRP/USD Medium-term Trend: Bearish


Resistance Levels: $0.48, $0.50, $ 0.57
Support Levels: $0.43, $0.41, $0.40
Yesterday, September 28, XRP price was in a sideways trend. Since after the bearish breakout on October 18 the cryptocurrency had been fluctuating between the levels of $0.48 resistance level and $0.44 support level. Today, the price of the cryptocurrency is falling as it has reached the previous low at $0.43.

Currently, the XRP is experiencing price pullback by the bears and the lower level of price was not broken, that should have been an opportunity to initiate a long trade. Therefore, traders can look out to initiate a long trade at the lower level of price, if the price falls to break the lower level of a price range $0.43.

Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. In the same vein, the XRP price is below the 21-day EMA and the 50-day EMA which indicates that a bearish trend is ongoing.

XRP/USD Short-term Trend: Bearish


XRP was consolidating yesterday on the 1-Hour chart. Today, the coin was bearish with the formation of strong bearish candles, the coin was moved to the low level of the bound range (support level of $0.43). The bears were unable to break the level, therefore, the bulls took over the market and rally to the north which may be a price retracement.

The 21-day EMA has crossed the 50-day EMA downside and the price is below the 21-day EMA and 50-day EMA which indicates that price is falling. Moreover, the MACD histogram is below the zero line and the signal lines are pointing to the south which indicates a sell signal.

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.