By
Chimamanda U. Martha
April 18th, 2024
On the long-term outlook, the breakout at the upper range level of $0.38 will give an opportunity to XRP traders to go long.
Key Highlights:
- XRP price is ranging on both long-term and short-term outlook;
- the breakout is imminent;
- traders should patiently wait for the breakout.
XRP/USD Price Long-term Trend: Ranging
Supply levels: $0.38, $0.43, $0.50
Demand levels: $0.33, $0.28, $0.24
XRP/USD resumed a range-bound movement on the long-term outlook. Last week, XRP price rose to $0.47 supply area before the bulls lost momentum. The long upper shadow candle pattern formed, followed by bearish candles at $0.41 in the supply area on December 24 was an indication that the bears are back to the XRP market after the bulls pushed the coin beyond the $0.43 extended towards $0.50. XRP price fell to $0.43 later dropped to $0.38 demand levels before the sideways movement commenced.
The cryptocurrency is trading and ranging between $0.38 in the upper supply level and $0.33 lower demand level of the range. XRP price is directly on the 21-day EMA and 50-day EMA with the two EMAs parallel and close to each other reflecting a ranging movement on the TRX market. Nevertheless, the Stochastic Oscillator period 14is below 40 levels and its signal lines point down implies sell.
On the long-term outlook, the breakout at the upper range level of $0.38 will give an opportunity to the traders to go long; alternatively, the breakdown at the lower range level of $0.33 will give sell trading opportunity to the traders.
XRP/USD Price Medium-term Trend: Ranging
XRP is ranging on the medium-term outlook. There was a bullish rally towards $0.43 after the formation of a Bullish Harami candle pattern on December 28. Further increase of XRP price was rejected by the bears as the bearish engulfing candle pattern formed which dropped the XRP price below $0.38 supply level which led to consolidation scenario between the $0.8 and $0.33 price levels.
The two EMAs are interlocked to each other and the coin is trading directly on the two EMAs below the price level of $0.38. However, the Stochastic Oscillator period 14 is above 50-levels with the signal line pointing to the north connotes buy signal.