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.
Should the Bears maintain their pressure or increase their momentum, further decrease in XRP price is certain and this may reach $0.39 demand level in case $0.42 level does not hold. Should the $0.42 level hold; the price may resume uptrend movement.
- The Bears are in control of the XRP market;
- XRP price broke down $0.46 level, targeting $0.42 level;
- in case $0.42 does not hold, $0.39 level may be reached.
XRP/USD Price Medium-term Trend: Bullish
Supply levels: $0.46, $0.49, $0.52
Demand levels: $0.42, $0.39, $0.35On the medium-term outlook, XRP/USD is bearish. XRP/USD broke out of the consolidation zone on May 26 at the former supply level of $0.39 and it has been bullish on the 4-hour chart. XRP price has been moving towards the north for the last three trading days.
The coin has approached the level that looks like a strong resistance ($0.46). In fact, that will be the second time the crypto touched the level; the first touch was on May 16 and the coin could not break up the level. As at the moment, the price has produced an evening star candle pattern at the level and price reversed moving towards $0.42 demand level.
The coin is still trading above the 21 periods EMA and 50 periods EMA. The Relative Strength Index period 14 is at 60 levels with the signal line pointing down to indicate sell signal. Should the Bears maintain their pressure or increase their momentum, further decrease in price is certain and this may reach $0.39 demand level in case $0.42 level does not hold. Should the $0.42 level hold; XRP price may resume uptrend movement.
XRP/USD Price Short-term Trend: Bearish
On the short-term outlook, XRP/USD is bearish. The Bullish momentum pushed the XRP price up to and topped at $0.46 supply level. The coin could not break up the level, the Bears came into the market with full momentum and the coin dropped and currently descending towards $0.42 level.
On the 1-hour chart, XRP price is penetrating the two EMAs to cross below 21 periods EMA and 50 periods EMA. Meanwhile, Relative Strength Index period 14 is at 40 levels and the signal line pointing down to indicate sell signal.