XRPUSD Medium-term Trend: Bullish
Supply Levels: $1.12, $1.10, $1.08
Demand levels: $1.00, $1.02, $1.04
Yesterday, XRPUSD was in a sideways movement and trading at $0.98. As a result of fallen price the demand levels of the market were breached. Traders were advised to look out for a buy set up so as to go long. Today, the market is bullish; the pair is trading at $1.04 which is about 6% price increase. The price increase was a result of the bull market. As a trader watch out for retracement or downwards correction in an uptrend to take a long position.
Taking advantage of such retracement will give more profits when the market resumes its uptrend.
XRPUSD Short-term Trend: Bullish
The short term trend is bullish. RSI period 14 is above level 70 indicating that the market is overbought. The tendencies are that traders will close their long positions but trade decision should be based on the direction of the market as per the price action .When the price action shows a price reversal candlestick then traders can take short trades. On the other hand if the uptrend has no price action signal then traders can go long. If the trend has not ended the price can rally at overbought market condition for days or weeks.
