By
Godfrey Benjamin
April 24th, 2024
In case of the present daily bullish candle close above the supply level of $0.38 and 50-day EMA then, traders can place a long trading position as XRP may have its target at $0.43.
Key Highlights:
- The Bears lose its pressure on the XRP market;
- the demand level of $0.28 was a turning point;
- the Bulls take over the XRP market.
XRP/USD Price Long-term Trend: Bullish
Supply levels: $0.43, $0.50, $0.54
Demand levels: $0.38, $0.33, $0.28
XRP is bullish in its long-term outlook. The bearish trend that commenced on November 7 ended on December 16 as the XRP price bottomed at the demand level of $0.28. The pressure to the downside could not be sustained by the bears when it reached that significant low level and the Bulls defended the aforementioned level. The formation of strong bullish candles that broke upside the former supply levels of $0.33 and $0.38 signaled the arrival of the bulls with high momentum.
XRP price has crossed the 21- day EMA upside while 50-day EMA is above the price which indicates that the bearish trend on the XRP market is changing to a bullish trend. It is likely for the uptrend movement to continue; as the Relative Strength Index period 14, is around 60 levels pointing up which indicate a buy signal. In case of the present daily bullish candle close above the supply level of $0.38 and 50-day EMA then, traders can place a long trading position as the coin may have its target at $0.43.
XRP/USD Price Medium-term Trend: Bullish
On the 4-Hour chart, XRP is on the bullish trend. The coin found its low at $0.28 on December 15 after which an inside bar candle pattern formed which brought about the bullish momentum that made the coin to rally to the north. The former supply level of $0.33 broken upside, the retest carried out, the bulls gained pressure pushed the XRP price up, broke upside the supply level of $0.38 and the retest is ongoing.
The 21-day EMA has crossed the 50-day EMA and the XRP price is trading above the two EMAs as a confirmation to the bullish trend. However, the Relative Strength Index period 14 is at oversold region pointing down which indicates sell signal which may be a pullback before uptrend continues.
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