Ripple (XRP) Price Moves Sideways as the Coin Holds Key Support

XRP Price Analysis – September 16

Ripple has noted a remarkable price shift with a bullish bias over the last 5 days but today, the coin had dropped even below $0.26.

XRP/USD Market

Key Levels:
Resistance levels: $0.28, $0.29, $0.30
Support levels: $0.23, $0.22, $0.21

XRPUSD – Daily Chart

The price of Ripple (XRP) is moving within a descending channel boundary on the daily chart. Technically, the channel formation is a bearish flag pattern which mostly followed a break-down in price. Following the past one day of price actions, XRP is consolidating at the upper boundary of the channel.

Currently, the price is bearish but a bounce back to $0.28, $0.29 and $0.30 resistance levels may once again give strengthen to the $0.25 support. If this support gets weak, a price break-down may occur as the bears may find new monthly lows at $0.23, $0.22 and $0.21 levels. From a long-term perspective, Ripple’s XRP is still in a dominant bearish bias. The chart’s volume is also showing a low amount of liquidity.

Stochastic RSI is showing bullish sign as it is at the overbought zone. If the price oscillates downward, XRP may fall back to the $0.24 support level.

XRP/BTC Market

For the over 10 days, XRP maintained trading within a descending channel pattern after rising from the 2437SAT to the current low at 2554SAT on Sunday. As of now, we can say that Ripple’s XRP is following a bullish sentiment on the medium-term perspective. The upward rally was revealed on the daily RSI as the market meets resistance at the 2554SAT level.

XRPBTC – Daily Chart

The cryptocurrency is still testing the upper channel as revealed at the overbought territory of the daily Stochastic RSI – a possible decline may occur in the market. Selling pressure is likely at the 2270SAT and 2170SAT supports. On the other hand, a channel breaks up could further buying pressure to 2700SAT and 2800SAT resistance levels. At the moment, the XRP market is respecting the channel formation.

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Azeez M. Mustapha

Azeez M. Mustapha

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management.
e-mail: [email protected]

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