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.
The bulls may gain enough pressure to break out the upper trend line of the triangle and the XRP price will rally to the north and may break the supply level of $0.58 up to $0.63.
- Formation of a symmetrical triangle is confirmed;
- XRP price breakout is imminent;
- consolidation is ongoing.
XRP/USD Price Long-term Trend: Ranging
Supply levels: $0.58, $0.63, $0.71
Demand levels: $0.43, $0.37, $0.25XRP/USD is ranging in its long-term outlook. The bullish pressure experienced briefly at the upper week in the XRP market could not sustain them breaking the supply level of $0.58.The bears rejected the increase in XRP price but could not as well push the price beyond the boundary of $0.58 supply level and the demand level of $0.43. Therefore, XRP price is consolidating within this bound range and that has led to the formation of a symmetrical triangle in the XRP market.
XRP price needs a force to break out of the symmetrical triangle before a trending market could be experienced. If the bulls gain enough pressure to break out the upper trend line of the triangle, the XRP price will rally to the north and may break the supply level of $0.58 up to $0.63. Likewise, the bears will have to gain momentum, break the lower trend line of the triangle and push the XRP price to the south. Traders should watch out for the breakout.
XRP price is above 21-day EMA and the 50-day EMA which indicates the bulls’ pressure. However, RSI period 14 is at the 60 level parallel without direction which indicates consolidation is ongoing.
XRP/USD Price Medium-term Trend: Ranging
On the 4-H chart, XRP is ranging. The cryptocurrency is also consolidating on the medium-term; there is a confirmation of a symmetrical triangle on the chart. XRP price breaks out is imminent.
The XRP price is between the 21-day and 50-day EMA which indicates consolidation is ongoing. In case the bears increase their pressure and break the lower trend line downside, XRP market will experience downtrend movement that may break the demand level of 0.43 and expose $0.37 demand level.