Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
The bullish breakup of the $0.31 supply level with the candle close above it will make the XRP price find its target at $0.34 – $0.38 price level.
- The bulls may take over the XRP market soon;
- the breakup of the $0.31 supply level may expose $0.38 price level;
- the bearish momentum is gradually weakening.
XRP/USD Price Long-term Trend: Bearish
Supply levels: $0.31, $0.34, $0.38
Demand levels: $0.28, $0.25, $0.22XRP/USD is still on the bearish trend on the long-term outlook. The XRP price remains bearish as long as it still remains under the 21-day EMA and 50-day EMA. It is more than three times that the Bulls have made an attempt to push the coin above the two EMAs but the bearish pressure in the XRP market is rejecting the attempts.
On January 30, a strong bullish engulfing candle broke up the $0.31 price level followed by another bullish candle that topped the XRP price at $0.34 mark where it met a confluence that pushed the coin back to previous low of $0.28. The scenario was repeated on February 8 and now consolidating around $0.31 price level.
The two EMAs are slowly sloppy in which 21-days EMA is below the 50-day EMA and the XRPUSD price is trading on and around the 21-day EMA as a weak bearish momentum indication. A strong force is required or radical fundamental event before the XRP price can rally on the XRP market. The Relative Strength Index period 14 below 50 levels slightly rose up as a sign of bullish trend as bullish candles were coming up towards $0.31 supply level. The bullish breakup of the $0.31 supply level with the candle close above it will make the XRP price find its target at $0.34 – $0.38 price level.
XRP/USD Price Medium-term Trend: Bullish
On the medium-term outlook, XRP/USD is bullish. The bearish momentum on the 4-Hour chart in the XRP market was exhausted on February 8 at the end of consolidation. The strong bullish candle broke out of the consolidation penetrated the two dynamic resistance and closed above the two EMAs, followed by another strong bullish candle which broke up the supply level of $0.31.
The bears rejected further increase in the price of XRP and the massive bullish candle turned to upper long wick candle. The XRP price fell back to the level below the $0.31, consolidated for some time after which it resumes its bullish trend.
Currently, the XRP price is above the 21-day EMA and 50-day EMA and RSI period 14 is at 60 levels with its signal lines pointing up which indicates buy signal.
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