The XRP/USD pair continues to battle the $0.30 overhead resistance. The bearish trend may resume if the price fails to breach the resistance level.
In October, the coin has been creating positive moves to achieve a higher price level. However, the $0.30 price level has been a hurdle to overcome for the past three weeks. On each occasion when the price reaches the $0.29 price level, it will be resisted. These have been the scenarios in the several attempts made by the bulls to breach the resistance level.
On a positive note, if the bulls overcome the resistance level, the market will rise to the $0.34 supply zone. Nevertheless, XRP may face selling pressure if the bulls fail to overcome the hurdle at the $0.30 overhead resistance level. The resumption of the bearish trend may depreciate the coin to a low of $0.24.
The price has reached the overbought region of the daily stochastic indicator. The market is above the 80% range which means that the price is in a strong bullish momentum. The price is above the EMAs which indicate that the market is in the bullish trend zone.
Presently, as the price is over the EMAs, it means that the price is likely to go up. Besides, another attempt will be made by the bulls to retest and possibly break the $0.30 resistance level. The danger comes when the bulls fall short to hold price over the EMAs. Any failure will result in the gradual slide of XRP. Meanwhile, more buyers are needed at the upper price level to sustain XRP at the bullish trend zone.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand zones: $0.25, $0.20, $0.15