By
Chimamanda U. Martha
April 18th, 2024
Should the Bears maintain or increase their pressure XRP price will remain bearish and it may have its target at the previous low of $0.27 level, in a case $0.29 and $0.28 does not hold.
Key Highlights:
- The Bears are still in control of the XRP market;
- the Bears’ pressure may push the XRP price down to $0.27 demand level;
- the pullback is inevitable in the XRP market.
XRP/USD Price Medium-term Trend: Bearish
Supply levels: $0.30, $0.31, $0.32
Demand levels: $0.29, $0.28, $0.27
XRP/USD is bearish on the medium-term outlook. XRP/USD was ranging within the descending channel a few days ago. As it was predicted, the supply level of $0.32 holds and the Bears’ pressure increased; this is clearly seen on the 4-hour chart with the formation of big strong bearish candle that penetrated former demand levels of $31, $30 levels and the price reached $29 on April 24.
The Bulls opposed the decrease in price and pushed the coin up to a range within $0.30 and $0.29 levels. Yesterday, the Bears gained enough momentum and pushed the XRP price down to $0.27 level. Today, the market opened with a strong bullish candle that returns the price to $0.29 level.
The crypto is already trading below the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 40 levels with the signal lines pointing up to indicate a buy signal.
Should the Bears maintain or increase their pressure the coin will remain bearish and it may have its target at the previous low of $0.27 level in a case $0.29 and $0.28 does not hold.
XRP/USD Price Short-term Trend: Bearish
XRP/USD is bearish on the short-term. The Bears breakout at the lower trend line of the channel and the former demand level of $0.31 placed the XRP price at the low of $0.29 on April 24 with the massive bearish candle.
The interruption of the Bears by the Bulls resulted in the consolidation of the price within the range of $0.30 and $0.29 price level. The battles continued between the Bulls and the Bears. As a moment, the coin is at $0.29 level.
The Stochastic Oscillator period 14 is at 70 and the signal lines bending down to connote sell signal and a further decrease in XRP price.