Buyers may dominate Ripple market
An increase in the bulls’ pressure may break up the resistance level of $0.39, which it may extend to $0.43 and $0.45 resistance levels. Should the Bears interrupt the bulls at the $0.39 level, the support level of $0.37 may be penetrated, Ripple may decrease to $0.31 and $0.28 levels.
XRPUSD Price Analysis – 19 November
Supply levels: $0.39, $0.43, $0.45
Demand levels: $0.37, $0.31, $0.28
XRP/USD Price Medium-term Trend: Bearish
XRP/USD is bearish on the medium-term outlook. The sellers have been dominating the XRP market since the price action formed a bearish chart pattern called double top, the coin decreased and broke down the former support level of $0.43 and $0.39. Sellers maintain their momentum and the price obeyed the command by testing the support level of $0.31. The price bounced upside and later retested the support level of $0.31. At the moment, it seems the bulls are preparing to take over the market.
The ripple market is trading slightly below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 42 levels with the signal lines displaying no specific direction which connotes consolidation. An increase in the bulls’ pressure may break up the resistance level of $0.39, in which it may extend to $0.43 and $0.45 resistance levels. Should the Bears interrupt the bulls at $0.39 level, the support level of $0.37 may be penetrated, Ripple may decrease to $0.31 and $0.28 levels.
XRP/USD Price short-term Trend: Bullish
XRPUSD is bullish on the 4-hour time frame outlook. The price action in the 4-hour time frame has formed a double bottom chart pattern at $0.31. This is a bullish chart pattern and the price is increasing toward the resistance level of $0.39 which may be penetrated.
XRP price is trading above the 21-period EMA and 9-periods EMA which indicates a bullish momentum in the Ripple market. The relative strength index period 14 is at 53 levels with the signal lines pointing up to indicate a buy signal.
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