Further increase in the Bears’ pressure will make XRP to find its support at $0.30 demand level. In case the demand level of $0.30 holds, the XRP price will bounce and rally towards the north.
Key Highlights:
- There was an XRP price break out at $0.31;
- the bears took over the XRP market;
- the coin is targeting $0.30 price level.
XRP/USD Price Medium-term Trend: Bearish
Supply levels: $0.31, $0.32, $0.33
Demand levels: $0.30, $0.28, $0.26
On March 21, the Bears strengthened its momentum and a strong massive bearish Japanese candle formed that broke down the $0.31 former demand level and declined towards $0.30 price level but pushed back by the Bulls ‘pressure and placed the price on $0.31 level. XRP price is currently consolidating below $0.31.
The 21 periods EMA has crossed the 50 periods EMA downside and the coin is currently below the two EMAs as an indication of a bearish trend. The Relative Strength Index period 14 is below 40 levels flat at the level which indicate consolidation is ongoing which may be for a short period.
Further increase in the Bears’ pressure will make the coin to find its support at $0.30 demand level. In case the demand level of $0.30 holds, the price will bounce and rally towards the north. The trader can place buy limit order at $0.30 level to catch some green pips.
XRP/USD Price Short-term Trend: Bearish
There is a probability that the bearish trend will continue as the coin is trading below the 21 periods EMA and 50 periods EMA. The Relative Strength Index period 14 is at 40 levels with signal lines bending towards south which connotes sell signal.
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