By
Chimamanda U. Martha
April 18th, 2024
There is a tendency for XRP price to increase towards $0.49 supply level provided the Bulls gain enough momentum to break up the $0.46 supply level. In case the Bears continue to defend the $0.46 level consolidation may continue.
Key Highlights:
- Consolidation is ongoing in the XRP market;
- there may be a bullish breakout;
- ranging movement may continue in case the Bears defend $0.46 level.
XRP/USD Price Medium-term Trend: Ranging
Supply levels: $0.46, $0.49, $0.54
Demand levels: $0.42, $0.39, $0.35
XRP/USD is on the ranging mode on the medium-term outlook. XRP was moving higher a few days ago to the extent that $0.42 level was broken upside and the bullish momentum extended to the supply level of $0.46. The Bears rejected XRP price increase with the formation of Doji candles followed by the big bearish candles that pulled back the coin to the demand level of $0.42. The pressure of the Bears became low unable to push the price below $0.42 due to the confluence at the mark. Likewise, the Bulls were unable to propel the price higher; that is what led to consolidation.
The 21 periods EMA and 50 periods EMA are flat horizontally at $0.42 area and the coin is trading over and around the two EMAs. Nevertheless, the Stochastic Oscillator period 14 is at 60 levels with the signal lines pointing up which indicate buy signal.
There is a tendency for XRP price to increase towards $0.49 supply level provided the Bulls gain enough momentum to break up the $0.46 supply level. On the other hand, in case the Bears continue to defend the $0.46 level consolidation may continue.
XRP/USD Price Short-term Trend: Ranging
XRP/USD is consolidating in the short-term outlook. On June 17, the XRP price reached the supply level of $0.46. A bearish reversal candle pattern called Evening star formed at the level and the price dropped to the $0.42 demand level. The mentioned level hold XRP price as the Doji candle formed at the level and the Bulls have no pressure to push it up, then consolidation began.
The crypto is hovering over the 21 periods EMA and 50 periods EMA and the two EMAs are interlocked to each other which indicate that consolidation is ongoing in the XRP market.