XRPUSD leaps Out of Consolidation

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SUPPORT LEVEL: $0.300, $0.600

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XRPUSD market has been bearish all year long. The resistance level at $0.900 halted the bullish run which was initiated with a rejection candle above the $0.600 support level. The demand level at $0.600 also failed to hold after it was tested in May. XRPUSD slumped to the subsequent demand level at $0.300. The market rested in a range from June to September before the market leaped out of consolidation.

RESISTANCE LEVEL: $1.300, $0.900

 

 

XRPUSD Leaps Out of Consolidation

What Are The Indicators Saying?

In September, the Stochastic indicator was oversold. This led to a pump in the price of the Ripple coin. The Stochastic is moving away from the overbought region after the pump. This will likely result in a retest of the bearish trend line.

The Parabolic SAR (Stop and Reverse) has formed multiple points above the recent candles after the pump of XRPUSD. The market is expected to correct back to the descending trend line around $0.300 for a retest.

The previous support level at,$0.600 is expected to act as the new resistance. The failure of XRPUSD to push through it will cause the market to crash back to $0.300.

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