By
Godfrey Benjamin
April 24th, 2024
Further increase in the Bulls’ momentum will push the XRP price to $0.36 – $0.38. In case the Bulls lose their momentum at $0.36 price level, the coin may continue ranging movement.
Key Highlights:
- Consolidation is ongoing in the XRP market;
- the Bulls may take over the market soon;
- the XRP price may incline further towards $0.36 level.
XRP/USD Price Medium-term Trend: Ranging
Supply levels: $0.36, $0.38, $0.40
Demand levels: $0.35, $0.33, $0.32
On the medium-term outlook, XRP/USD resumes bullish trend. Several attempts to break up the significant supply level of $0.36 failed because of the strength of the barrier at the level. The coin eventually consolidated towards the demand level of $0.35 and it was supported at the dynamic support level of 50 periods EMA.
At the opening of the market today, the bullish candles that emerged on the 4-hour chart broke up the $0.35 price level and the dynamic resistance levels.
The second candle that emerged at the opening of today’s market placed the coin above the 21 periods EMA and 50 periods EMA which indicate that the bulls are still in control of the XRP market. The stochastic Oscillator period 14 is at 20 levels (oversold level) with the signal lines turning up shows buy signal.
It is advisable for the traders to place a buy order at the $0.35 level and take profit at the next supply level. Further increase in the Bulls’ momentum will push the XRP price to $0.36 – $0.38. In case the Bulls lose their momentum at $0.36 price level, the coin may continue ranging movement.
XRP/USD Price Short-term Trend: Ranging
On the short-term, XRP/USD is ranging. Immediately after the bullish rally of the coin from the low level of $0.32 to the high of $0.38 and the bulls lost momentum the sideways movement commenced. XRP/USD has been range-bound within the supply level of $0.36 and the demand level of $0.35. The Bulls have not got enough momentum to break up the $0.36 and the Bears have no pressure to break down the $0.35 level.
The Crypto is hovering over the 21 periods EMA and 50 periods EMA while the two EMAs are interlocked to each other which indicate that consolidation is ongoing in the XRP market. Nevertheless, the Stochastic Oscillator period 14 is towards 80 levels with the signal lines pointing up to indicate buy signal.