XRP price likely to increase further, should the Bulls maintain or increase their momentum. In case the Bears defend $0.46 level and their pressure increase, the price may pullback further to touch $0.39.
Supply levels: $0.46, $0.50, $0.54
Demand levels: $0.42, $0.39, $0.35
XRP/USD is bullish on the medium-term outlook. There was a long time consolidation in the market of XRP; which started on April 17 and ended on May 13. The Bulls came out of their shell with high momentum and a strong bullish candle emerged.
The Bull’s momentum broke up the $0.35 level and pushed up the coin to reach $0.39 level. It observed a pullback at that level briefly. The Bulls gathered momentum again and $0.39, $0.42 levels were penetrated. Today, the price has reached $0.46 level.
Currently, the XRP price is experiencing retracement towards $0.42 by the Bears. The 21 periods EMA has crossed 50 periods EMA upside and the price is trading far above the two EMAs; this indicates the strong bullish momentum in the XRP market.
The Stochastic Oscillator period 14 is at 80 levels with the signal lines pointing up to indicate a further increase in the XRP price. There is a high probability that XRP price will increase further, should the Bulls maintain or increase their momentum, $0.46 level may be penetrated and the price targets $0.50 level. In case the Bears defend $0.46 level and their pressure increase, the price may pullback further to touch $0.39.
On the short-term outlook, XRP/USD is also bullish. The Bulls have taken over the control of XRP market after a long period of consolidation movement. The price is making higher highs movement on the 1-hour chart and the bullish momentum has placed the price to touch $0.46 level today. XRP was pushed back by the Bears and currently consolidating at $0.42 level.
XRP is trading above the two EMAs. The 21 periods EMA and 50 periods EMAs are well separated from each other bending towards the north side to indicate a strong buy signal.
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.