- Consolidation is ongoing in the XRP market;
- the Bulls may take over the market soon;
- the coin may incline further towards $0.36 price level.
XRP/USD Price Medium-term Trend: Bearish
Supply levels: $0.32, $0.33, $0.35
Demand levels: $0.31, $0.30, $0.29On the medium-term outlook, XRP/USD is bearish. XRP price fell suddenly from the high above $0.35 to the low of $0.31. The Bears prevailed over the Bulls after several days of the sideways movement. Strong bearish candles penetrated the former demand levels of $0.35, $0.33 and $0.32. XRP price is currently exposed to the demand level of $0.31. There was a brief price consolidation yesterday at $0.32 price level.
Today, another strong bearish candle emerged at the opening of the XRP market and this pushed the coin towards $0.31 price level. The 21 periods EMA has crossed the 50 periods EMA downside which confirms the bearish trend. The coin is trading below the two EMAs with the distance between the price and the EMAs.
The stochastic Oscillator period 14 is around 30 levels with the signal lines pointing down which implies sell signal. XRP price may eventually find its low at $0.30 demand level should the Bears break down the $0.31 price level.
XRP/USD Price Short-term Trend: Bearish
On the short-term, XRP/USD is on the bearish trend. Consolidation phase in the XRP market on the 1-hour chart ended on April 10. The Bears gathered momentum and pushed the XRP price down with a big hourly bearish candle that broke down $0.33, $0.32, and $0.31 at the same hour.
The Bears quickly rejected this price declination by pushing the price up to $0.32 level and the candle turned to the lower long tail bearish candle. The pullback was observed, then several hours of consolidation at $0.32 price level. Today, another strong bearish candle formed which penetrated the demand level of $0.32 and the XRP price is currently moving towards $0.31 level.
The 21 periods EMA is already placed below 50 periods EMA while the coin trending below the two EMAs which indicate strong bearish momentum in the XRP market. The Stochastic Oscillator period 14 is above 40 levels with the signal lines pointing down to indicate sell signal.