By
Temitope Olatunji
April 23rd, 2024
The breakdown of $0.31 demand level by the bearish momentum may push XRP to its previous low of $0.28 that is if the supply level of $0.33 holds.
Key Highlights:
- There was a bearish breakout on the XRP market;
- the bears are in control of the market;
- traders should exercise patient before placing a trade.
XRP/USD Price Long-term Trend: Bearish
Supply levels: $0.33, $0.38, $0.42
Demand levels: $0.31, $0.28, $0.24
XRP/USD broke out of its range-bound zone on the long-term outlook. The bulls could not break the barrier at $0.38 price level, the bullish rally was terminated but the bears did break down the $0.33 former demand level with the formation of a big bearish Japanese candle on January 10. XRP/USD started another consolidation within the range of $0.33 and $0.31. The coin is no longer trading on the two EMAs but rather below the two EMAs as a bearish trend confirmation.
The cryptocurrency is currently exposed to the demand level of $0.31, trading below the 21-day EMA and 50-day EMA and the two EMAs are gradually moving apart which indicate a gradual increase of bearish momentum in the XRP market. Although the bears defended the supply level of $0.38 last week, XRP price could not reach the target of $0.28. The MACD period 12 with its histogram is below zero levels and the signal lines pointing down connotes further declination of the XRP price.
The breakdown of $0.31 demand level by the bearish momentum may push the coin to its previous low of $0.28 that is if the supply level of $0.33 holds. The patient is required before placing any trade.
XRP/USD Price Medium-term Trend: Bearish
XRP/USD is on the bearish trend on the medium-term outlook. The sideways movement of the XRP price was terminated on January 10 as the bearish engulfing candle emerged as a sign of bear’s increased momentum in the XRP market. XRP price fell and the former demand level of $0.33 broke down and the low of $0.31 price level was reached. The bears lost the pressure and the price was pushed up to retest the broken level.
The price is currently below the 21-day EMAs and 50-day EMA and the MACD period 12 with its histogram is faintly moving down which indicate sell signal.