XRP Price Analysis – September 7
If the Ripple price manages to exceed $0.27 resistance level, the market could fuel a bullish trend to $0.29, $0.31 and $0.33 resistance levels.
Resistance levels: $0.29, $0.31, $0.33
Support levels: $0.22, $0.20, $0.18
At the time of writing, XRPUSD continues ranging on the long-term outlook. The pair remains at $0.26 price level consolidating. There was no significant momentum in the market as both the Bears and the Bulls have lost momentum and the price remains at the same level. The price is enclosed within the channel.
For now, the trading volume is becoming low while the RSI (14) and stochastic RSI are at the 40 levels with the signal lines showing no specific direction. In case the Bulls prevail over the Bears by moving above the 21-day MA, the price will rally towards the resistance levels of $0.29, $0.31 and $0.33. Should the Bears push the price down to break the channel; the price will find its low at the support levels of $0.22, $0.20 and $0.18 respectively.
Comparing with Bitcoin, for the past 6days, Ripple (XRP) fell drastically until yesterday September 6 when the bull took over. Today, as at the time of writing, the bulls maintain the upward trend as the price moves towards the 21-day MA. Now that the bull appears to be stepping back in the market, we can expect the price-rise to 2700 SAT and 2800 SAT resistance levels.
Nevertheless, if the sellers reclaim back the control of the market and pull the price below to break the trend line of the channel, the next level of support is located at 2200 SAT and further support is found at 2100 SAT and 2200 SAT respectively. The stochastic RSI is making an attempt to move out of the oversold zone in order to give more strength to the buyers.
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