XRPUSD Medium-term Trend: Bearish
Supply Levels: $.95, $0.90, $ 0.85
Demand levels: $0.65, $0.70, $0.75
On April 24, Ripple price fell along with other cryptocurrencies. The asset had a pullback from $0.90 to $0.80. The bearish outlook is also confirmed by the moving averages.
The 20-day moving average crosses below the 50-day moving average indicating that Ripple price is falling. However, judging from the weekly chart, the price has broken the bullish trend line which led to the bearish trend. At $0.80, Ripple price is moving in a range bound movement. The relative strength index period 14 is level 43, also inicationg that the price is in the range bound zone.
XRPUSD Short-term Trend: Ranging
The daily chart shows that we can adopt the range-bound market strategy to trade the ranging market. It is better to follow the ranging market from its inception. Also, note that, while you are trading the market, a breakout can occur. To avoid being caught unaware, we can make use of stop loss and take profits. However, if a breakout occurs at the support level at $0.77, Ripple price will slide down to $0.73. On the other hand, if the breakout occurs at the $0.83 resistance level, Ripple price will soar to the $1.00 high.
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