By
Temitope Olatunji
April 23rd, 2024
Should $0.39 level hold, the Bulls will push up the coin and may break up $0.42 supply level. In case the Bears increase their momentum, XRP price will decrease further towards the previous low of $0.35.
Key Highlights:
- Consolidation is ongoing in the XRP market;
- XRP price is awaiting a breakout;
- the coin may rally towards $0.42 level.
XRP/USD Price Medium-term Trend: Bearish
Supply levels: $0.42, $0.46, $0.49
Demand levels: $0.39, $0.35, $0.29
On the medium-term outlook, XRP/USD continues its bearish movement. XRP/USD bearish movement is not over until the price crosses over the two dynamic support and resistance level, start the trade above the two levels. The price is descending making lower lows on the medium chart inside the descending channel formed. On June 04, the price touched the demand level of $0.39.
The price pulled back to the broken level of $0.42. Further increase in price was resisted by the Bulls at the upper trend line of the channel. XRP price dropped below $0.39 level to touch the lower trend line near the demand level of $0.35. The Bears’ momentum was weak, and the Bulls gained pressure to push up the price to $0.39 level after which it started consolidating as at the moment.
The 21 periods EMA is under 50 periods EMA as an evidence of bearish movement and the XRP/USD are trading below the two EMAs. The Moving Average Convergence Divergence period 12 with its histogram is horizontally flat at zero levels and the signal lines interlocked to each other and remain flat at the level which indicates that consolidation is ongoing.
Should $0.39 level hold, the Bulls will push up the coin and may break up $0.42 supply level. In case the Bears increase their momentum, the coin will decrease further towards the previous low of $35.
XRP/USD Price Short-term Trend: Ranging
XRP/USD is ranging in the short-term outlook. The Bulls’ momentum and the Bears’ momentum are at equilibrium on the 1-hour chart and that is what led to the consolidation of XRP price at the demand level of $0.39.
The price is hovering over the 21 periods EMA and 50 period EMA, the two EMAs are interlocked to each other, flat horizontally at the level which indicates that consolidation is ongoing.