By
Chimamanda U. Martha
April 26th, 2024
After retest XRP price may resume its uptrend movement which may face $0.50 supply level after $0.43 price level is broken.
Key Highlights:
- Price retracement is ongoing on the XRP market;
- XRP price will face $0.50 in case $0.43 level break;
- the Bulls were still in control of 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 continues its bullish trend on the long-term outlook. The target predicted last week on the XRP market was met; it was predicted last week that in case the then daily candle closes above the supply level of $0.38, the coin may have its target at $0.43.
The bulls were able to sustain their momentum, XRP price increases. There was a radical uptrend movement which broke up the supply level of $0.43 moved towards $0.50 with the formation of the massive strong bullish candle. Shortly, it was interrupted by the bears and the XRP price was pulled back to retest the broken level (as this is required on a trending market).
The cryptocurrency has crossed both 21- day EMA and 50-day EMA upside and XRP price are above the two EMAs which indicates that the XRP market is on a bullish trend. There is a high probability for the XRP price to increase as it is clearly seen on all indicators on the daily chart; Moving Average Convergence Divergence (MACD) with its histogram is above the zero level and its signal line pointing to the north connotes buy signal. After retest XRP price may resume its uptrend movement which may face $0.50 supply level after $0.43 is broken.
XRP/USD Price Medium-term Trend: Bullish
On the 4-Hour chart, XRP is still on bullish trend. The sporadic increased experienced by the XRP price on December 24 is nothing but the high momentum gained by the bulls. The two massive bullish candles broke up the supply level of $0.43and rallied towards $0.50 price level but the bears opposed the increase on the formation of the third bullish candle which eventually turned to inverted pin bar (trend reversal candle). The XRP price was pulled back to retest the broken level of $0.38.
The coin is directly on the 21-day EMA at $0.38 price level while the 50-day EMA is below the XRP price. Moreover, the MACD with its histogram is below zero levels with the signal lines point down indicate sell signal which may be the result of ongoing price retest. Taking short trade position is not advisable for now as the price may resume its uptrend movement unless $0.38 price level does not hold.
To learn more about XRP coin, Ripple company and their innovative solutions, please check out our awesome guide.