By
Chimamanda U. Martha
April 18th, 2024
There would be a bullish breakout of the flag in case the Bulls gain enough momentum and the XRP price may increase to $0.33 level. Should the Bears defend the $0.31 price level, the coin may range down towards $0.30 level.
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: Ranging
Supply levels: $0.31, $0.33, $0.34
Demand levels: $0.30, $0.28, $0.27
On the medium-term outlook, XRP/USD is bullish. The coin broke out of the symmetrical triangle on April 30. XRP price increased towards $0.33 level before it was interrupted by the Bears. The Bears defended $0.33 supply level and the Bulls could not break up the level, then, a sideways movement started as predicted a few days ago. The sideways movement has resulted in the formation of a flag chart pattern on the 4-hour chart. The price flag down to $0.31 price level.
XRP price is currently consolidating on the 21 period and 50 periods EMAs in which the two EMAs are close to each other side by side horizontally flat at the level to indicate that consolidation is ongoing in the XRP market.
Nevertheless, Relative Strength Index period 14 is at 55 levels and the signal line pointing up which indicates buy signal. There would be a bullish breakout of the flag in case the Bulls gain enough momentum and the XRP price may increase to $0.33 level. Should the Bears defend the $0.31 price level, the coin may range down towards $0.30 level.
XRP/USD Price Short-term Trend: Ranging
XRP/USD is on the ranging trend on the short-term outlook. The Bulls lost momentum along the way before it reaches the $0.33 price level. The bullish momentum became week as the Bears interrupted the uptrend movement. The coin started consolidating with the formation of a flag chart pattern.
XRP is trading in-between and around the two EMAs. The 21 period EMA and 50 periods EMAs are interlocked to each other flat horizontally without direction indicates that consolidation is ongoing in the XRP market.