Ripple Price Analysis - February 6

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XRPUSD Medium-term Trend: Bullish

Supply Levels:  $0.90, $0.85, $0.80                                           

Demand levels: $0.60, $0.65, $0.70        

It was reported yesterday that the bearish outlook will continue this week because of the downtrend and except the trend reverses price will continue to fall. Also, that traders should look for exhaustive candlestick pattern at the demand levels to take long trades.

However, the downtrend has reversed to a bullish trend. When price break through a major trend line, the trend will come to an end; you can see price breaking major trend line and going in the direction of the new trend. Also, see the pointed arrow. In an uptrend traders can take long trades at the support levels of the uptrend. The 50-day moving average and 20-day moving average are trending northward whereas the RSI period 14 is above 70 indicating bullish trend.

XRPUSD Short-term Trend: Bullish

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The short term trend was bearish yesterday and prices were falling. The demand levels of $0.50, $0.60 or $0.70 were breached. Today we have a bullish trend and Ripple price is rising. The 50-day moving average and 20-day moving average are trending northward  whereas the RSI period 14 is above 40.