By
Chimamanda U. Martha
May 10th, 2024
The breakdown of $0.28 price level by the bears will expose $0.25 demand level. Should the demand level of $0.28 holds the bulls may take over and push up XRP towards the supply levels of $0.33 – $0.38.
Key Highlights:
- Another ranging movement on the XRP market;
- the bears still hold 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: $0.28, $0.25, $0.22
XRP/USD is on the bearish trend on the long-term outlook. Last week, XRP was consolidating around the supply level of $0.33, the bears defended the supply level of $0.33, and the bulls could not push up the coin. The gravestone Doji candle formed aided the declination of XRP price to the demand level of $0.28 which was the previous low but it did not bounce but remains on the mark. More bearish candles were emerging which implies that the bears’ pressure is increasing and may continue.
The coin is currently on the demand level of $0.28 in which it is liable to break down by the bears in case they increase their pressure and the XRP price will have its target at $0.25 demand level.
Should the demand level of $0.28 holds the bulls may take over and push up the coin towards the supply levels of $0.33 – $0.38. XRP price remains under the 21-day EMA and 50-day EMA and the two EMAs are sloppy down following the trend as an indication of the bearish trend. The Stochastic Oscillator period 14 is below 20 levels (oversold level) and the signal lines pointing down indicate sell signal.
XRP/USD Price Medium-term Trend: Bearish
XRP/USD continues on the bearish trend on the medium-term outlook. The sideways movement of the XRP price comes to an end on January 27 immediately after the Doji candle formation followed by the bearish candles, the coin bottomed at the demand level of $0.28 on January 28, observed pullback. XRP price has touched the mark twice and pulled back, third time may lead to the breakdown of the $0.28 price level in which $0.25 price level will be exposed.
The cryptos are presently consolidating under the 21-day EMA and 50-day EMA and the Stochastic Oscillator period 14 is above 30 levels with its signal directing towards north which indicates buy signal.
* To learn more about XRP coin, Ripple company and their innovative solutions, please check out our awesome guide.