Dominant bias for RIPPLE (XRP) – Bearish
Resistance Levels – 0.5000 $0.5500, $0.6000
Support Level – $0.3500, $0.3000. $0.2500
Ripple’s journey to the south started on 30th September. It got a final confirmation today. The break of the 200 exponential moving average by a large bearish engulfing candle gave credence to the bears’ journey. Pullbacks to the resistance area after each drop in price occurred until the break of the 200 EMA. These are necessary for the market correction.
The first pullback denoted by PB1 occurred on 1st October as XRP dropped to $0.5311 while it pullback up to $0.5960 same day. The second pullback was on 3rd October with the cryptocurrency down to a low of $0. 5067 and retraced back up to $0.5496 with a doji on 4th October.
The third pullback (PB3) occurred on 6th October at $0.4712 when bullish railroad pattern was formed at the support area and pullback to $0.5020 on 8th October
XRP was down to $0.3892 in the support area earlier today. Pull back to $0.4300 area may occur. This will pave way for the bears comeback that may drop XRP to $0.3000 in the support area. The presence of a bearish reversal candle pattern will confirm the bears’ return
The relative strength index (RSI) is in the oversold region with it signal pointing up suggesting upward momentum as the bulls return to the market