XRPUSD Medium-term Trend: Brearish
Supply Levels: $0.94, $0.93, $0.92
Demand levels: $0.88, $0.89, $0.90
Yesterday, XRPUSD pair was in a downtrend and I stated how traders could trade in a downtrend. In a downtrend the price will always retrace and if it does it will encounter résistance where traders will have the opportunity to short. Today, the pair is trading at $0.91 and in a bearish market.Ripple price has a price spike that resulted in the price to soar to the level of $0.94.
Later the price fell to the direction of the market. The 50-day moving average and 20-day moving average are trending southward whereas the RSI period 14 is level 22 indicates that the market is oversold suggesting that the bulls will take control of the market. However , if the bulls take control of the market traders should take a long trade.
XRPUSD Short-term Trend: Bearish
In the short term trend the pair is in a bearish outlook. The 50-day moving average and 20-day moving average are trending southward whereas the RSI period 14 is level 8 indicates that the market is oversold. If the bears continue to push and price rally, the demand levels would be breached.