Ripple Price Analysis - February 8

Azeez Mustapha

XRP_USD-Daily(Feb.8).jpg XRPUSD Medium-term Trend: Sideways

Supply Levels: $0.82, $0.80, $0.78

Demand levels: $0.70, $0.72, $0.74

XRPUSD was trading at $0.7877 yesterday while in a bullish market. Today, the pair is trading at $0.7568 which is about 3.9% fall in price. The Ripple price is in a sideways movement. It is not advisable to trade a sideways market. First establish the support and resistance levels before trading a sideways market.

The lower trend lines with pointed arrows represent the support levels while the opposite ends represent the resistance levels. When the price gets to the support levels you place a long trade; and you short when price gets to the resistance levels. Your take profit for long orders will be at the resistance zone whereas your take profit for short orders will be at the support zone .

Presently, the pair has broken the support trend line to form a trend. The RSI period 14 is level 23 which indicates that the market is oversold.

XRPUSD Short-term Trend: Bearish

_XRP_USD-I Hour(Feb. 8).jpg

The short term trend is bearish. The 20-day moving average crosses below 50-day moving average whereas RSI period 14 is below level 30. The demand levels have been breached and the market oversold

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