XRP Price Analysis: XRP/USD Rises to Break Up the $0.31 Price Level

Should the Bulls increase their momentum to break up $0.31 supply level and the bullish candle closes above it; then XRP will rally towards $0.32.supply level. If the Bears defend the supply level of $0.31, XRP price will resume its downtrend movement.

Photo: Shutterstock

Photo: Shutterstock

Key Highlights:

  • There was XRP price break out at $0.31;
  • the bears took over the XRP market;
  • the coin is targeting $0.30 price level.

XRP/USD Price Medium-term Trend: Bearish

Supply levels: $0.31, $0.32, $0.33
Demand levels: $0.30, $0.28, $0.26XRP is on the bearish trend on the medium-term outlook. It was predicted last week that further increase in the Bears’ pressure will make XRP price drop at $0.30. Really, the XRP/USD price found its low below $0.30 ($0.29 area), heading towards $0.28 demand level. The Bears’ momentum was weak and a further decrease in XRP/USD price was rejected by the Bulls. The Bulls pushed up the coin to break up the $0.30 demand level facing $0.31 supply level.

Currently, the coin is making an attempt to break up the dynamic resistance of the 21 periods EMA and 50 periods EMA. It is found in between the two EMAs indicating the gradual increase in the Bulls’ pressure. In addition, the Relative strength Index period 14 is at 50 levels with the signal line pointing up to indicate buy signal.

Should the Bulls increase their momentum to break up the $0.31 supply level and the bullish candle close above the level; then the coin will rally towards the supply level of $0.32. Alternatively, should the Bears defend the supply level of $0.31; XRP price will resume its downtrend movement.

XRP/USD Price Short-term Trend: Bullish

On the short-term, XRP/USD is bullish. The Crypto has been on the bearish trend for a few days. The bearish momentum placed the coin at the price below $0.30 demand level. The Bulls rejected further declination of XRP price with the formation of bullish candles that penetrated $0.30 level upside. The coin is moving towards the supply level of $0.31.

The coin has crossed upside the 21 periods EMA and 50 periods EMA and it is trading above the two EMAs as an indication of a bullish trend. The RSI period 14 is at 70 levels with the signal line pointing up to indicate further increase in XRP price.

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