By
Chimamanda U. Martha
April 26th, 2024
Should the Bears defend the $0.30 level, further declination of the XRP price is expected and this may lead to the breakdown of the $0.28 level. In case the Bulls defend the demand level of $0.28, the price may reverse and rise towards the previous high.
Key Highlights:
- XRP price may reverse at $0.28 level;
- the XRP price may rise towards $0.31 level;
- the Bulls are currently opposing the decrease in the price of XRP.
XRP/USD Price Medium-term Trend: Bearish
Supply levels: $0.30, $0.31, $0.33, $0.34
Demand levels: $0.28, $0.27, $0.26
On the medium-term outlook, XRP/USD is bearish. The Crypto obeyed the command of the Bears, as it was predicted last three days; the Bears exerted pressure and the demand level of 0.30 could not hold. XRP price, therefore, declined towards the demand level of $0.28. The Bulls are currently opposing the decrease in the price of the coin by the formation of a strong bullish candle, pushing the price up towards $0.30.
The Bears hold to the XRP market by trading the coin below the 21 periods EMA and 50 periods EMA in which the distance between the two EMAs is increasing; this is a sign of an increase in the Bears’ pressure. The Moving Average Convergence and Divergence period 12 with its histogram are below zero levels and the signal lines making attempt bending up to indicate buy signal and the XRP price may reverse.
Should the Bears defend the $0.30 level, further declination of the XRP price is expected and this may lead to the breakdown of the $0.28 level. In case the Bulls defend the demand level of $0.28, the price may reverse and rise towards the previous high.
XRP/USD Price Short-term Trend: Bearish
XRP/USD is on the bearish trend on the short-term outlook. The Bulls could not defend the $0.30 level. The coin bearishly broke out of the descending channel and rolled down towards the $0.28 level after the penetration of the $0.30 level. The Bulls are trying to defend the $0.28 level in order to prevent further declination of the XRP price.
XRP is trading below the two EMAs. The 21 periods EMA and 50 periods EMAs are well separated from each other bending down to indicate strong sell signal.