By
Chimamanda U. Martha
May 10th, 2024
The breakout of the XRP price either at the lower or upper trend line of the triangle is possible; the break out at the upper trend line will push the coin towards the supply level of $0.34 in case the $0.32 supply level does not hold.
Key Highlights:
- The sideways movement continues in the XRP market;
- the formation of symmetrical triangle confirmed;
- the break out at either upper or lower trend line is imminent.
XRP/USD Price Medium-term Trend: Ranging
Supply levels: $0.32, $0.34, $0.36
Demand levels: $0.30, $0.28, $0.25
XRP/USD continues on the consolidation phase on 4-Hour chart. The cryptocurrency has not made any significant breakout on medium-term outlook. Thus, the XRP price still finds its resistance and support at $0.32 and $0.30 respectively.
On March 8th, the bears came out with a strong bearish candle that made the coin headed towards the demand level of $0.30 but the bulls opposed the bearish pressure. The bulls equally pushed the XRP price up with the formation of bullish engulfing candle that could not penetrate the supply level of $0.32 and the consolidation continues that led to the formation of a symmetrical triangle.
The XRP price is trading on and around the 21 periods EMA and 50 periods EMA. The two EMAs are still locked to each other, remains flat horizontally without direction. The XRP price is gradually moving towards the lower trend line of the symmetrical triangle.
The breakout of the XRP price either at the lower or upper trend line of the triangle is possible; the break out at the upper trend line will push the coin towards the supply level of $0.34 in case the $0.32 supply level does not hold. Meanwhile, the Stochastic Oscillator period 14 is at 40 levels with the signal lines pointing up which connotes buy signal.
XRP/USD Price Short-term Trend: Ranging
XRP/USD continues sideways movement on the short-term outlook. The Bulls and the Bears have not gained enough momentum to break out at the supply level of $0.32 and demand level of $0.30 respectively. Until there is a breakout either at the upper trend line or lower trend line of the symmetrical triangle formed the coin will remains within the symmetrical triangle moving sideways.
The coin is hovering on and around the 21 periods EMA and 50 periods EMA which indicates consolidation is ongoing in the XRP market. The Stochastic Oscillator period 14 is at 60 with the signal lines pointing up indicates buy signal.
*To learn more about XRP coin, Ripple company, and their innovative solutions, please check out our awesome guide.