Bias for XRP – Bearish
Resistance Levels – $0.5000, $0.6000, $0.7000
Support Levels – $0.2000, $0.1000. $0.0500
XRP long-term outlook is a bearish trend. The bears’ journey to the south looks smooth with the break of the 34 EMA on 11th October with a large bearish marubozu candle and the cryptocurrency dropped to $0.3776 in the demand area.
Pullback due to the bulls return was a brief one as the cryptocurrency was up to $0.4488 in the supply area on 12th October but closes below the 34 EMA. The pullback was necessary for the market correction before downtrend continuation.
The bears are obviously back after the retest at the 34 EMA this was confirmed with the gravestone doji on 13th October.
$0.3519 in the demand area may be attained as the bearish momentum increase more candles formed and closed below the 34 EMA.
A break of $0.3519 and retest would pave the way for a drop in XRP price to $0.2672 in the demand area that it tested on 14th August and 12th September.
