XRP/USD market decided the upside performance on the 15th and 16th of September, with a bullish engulfing candlestick pattern, after the market had taken its support from the $0.32619 price level. The crypto took up a very bullish momentum until it reached the resistance of $0.50000. This has now become a major resistance level for the XRP market.
XRP Market Price Statistic:
- XRP/USD price now: $0.4799
- XRP/USD market cap: $23,923,480,654
- XRP/USD circulating supply: 49.86Billion
- XRP/USD total supply: 99,989,275,183
- XRP/USD coin market ranking: #6
- Resistance: $0.48490, $0.50000, $0.52273
- Support: $0.44706, $0.43159, $0.40000
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XRP Market Price Analysis: The Indicators’ Point of View
The price of XRP formed its new higher support level of $0.44670 on the 27th of September. The price touched this support level again on the second of October. Then it formed the three bullish candlestick patterns (which are significant to indicate a bullish market trend). This bullish candle pattern is known as the three white soldiers. Another observation that may point to a bullish trend is that the support and resistance levels of the price action are becoming closer to each other. The difference between the support and resistance is just $0.05000. The Increase in the proximity of both the resistance and the support is pointing to an eventual break out of the price actions from the $0.50000 resistance level where the price has been struggling.
Because the selling pressure increases at the resistance level in recent trading sessions, the bullish histograms of the MACD have turned to faded green and progressively reduces in height every day. Now the histograms are measuring on the negative side of the indicator. The selling momentum is catching up with bullish momentum and the market is consolidating in preparation for a breakout.
XRP/USD 4-Hour Chart Outlook
From this point of view, we can see how price action breaks out of the trendline. But due to increased selling pressure, the price seems pegged at around the current price. However, the MACD histograms and the lines are still supporting the bullish market sentiment. The Relative Strength Index is also supporting bullish market sentiment as it measures 60% market strength. There is a probability that the price action will soon break above the $0.50000 price level.
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