XRPUSD Medium-term Trend: Ranging
Supply Levels: $0.83, $0.82, $ 0.81
Demand levels: $0.77, $0.78, $0.79
Yesterday, March 9, the XRPUSD pair was in a downtrend when the support level at $0.80 was broken and the price fell to $0.77. However, an explanation was given yesterday on how trend line could be used in trading. In a downtrend, pullbacks or retracements on the trend line are sell signals where traders could place short trades. However, Ripple price was trading at $0.79 at the time of writing.
Nevertheless, the weekly chart shows that Ripple price rose to$0.81 but fell to $0.79 and commenced a range bound movement. Also, it broke the bearish trend line, thus ending the previous bullish trend. The asset is ranging horizontally at $0.79. Ripple price has to retest the $0.82 and $0.85 levels before it will reach $0.90.
Meanwhile, the relative strength index period 14 is level 44, which indicates that the asset price is in the range bound zone.
XRPUSD Short-term Trend: Ranging
The daily chart shows Ripple in a range-bound movement, between $0.79 and $0.80. This market is not good for a range-bound market strategy because of a short distance between the resistance level and the support level.
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