Ripple Price Analysis - February 7

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XRPUSD Medium-term Trend: Bullish

Supply Levels: $0.95, $0.90, $0.85

Demand levels: $0.65, $0.70, $0.75

Yesterday the downtrend was reversed to a bullish trend and we saw price breaking through the major trend line to form a new trend. Ripple price also appreciated and has broken out of the demand levels. Today we have XRPUSD pair trading at $0.7877

The 50-day moving average and 20-day moving average are trending northward whereas the RSI period 14 is level 34 indicating that the market is in the oversold zone. There is divergence as per the price action and RSI indicator. The price action is indicating that there is retracement from the bullish trend while RSI period14 states that the market is oversold or price is decreasing. This is a strong signal that price is about to reverse.

Traders are to place long orders along with the trend. The demand levels have already been breached so price will test the supply levels.

 

XRPUSD Short-term Trend: Bullish

XRP_USD-1 HourFeb7).jpg The short term trend is moving from bearish to bullish trend. Meanwhile, the 50-day moving average and 20-day moving average are trending northward whereas the RSI period 14 is level 76 indicating that the market is overbought.