Ripple, XRPUSD, CryptoCompare chart

XRPUSD Medium-term Trend: Bearish

Supply Levels: $0.74, $0.73, $ 0.72                                     

Demand levels: $0.68, $0.69, $0.70  

Last week, the overall trend of Ripple was bearish. The price of Ripple fell from the high of $0.81 to the low of $0.68. The price of $0.68 was the previous low of Ripple on February 5th. It was assumed that if the asset depreciated again, Ripple would find support at $0.50. Nevertheless, the relative strength index indicated that the asset had been oversold suggesting Bulls would take control of the market.

The asset however, is trading at $0.71 as at the time of writing. Nevertheless, from the weekly chart, the price of the asset found the previous low of $0.65. Then at the support level of $0.65, the asset went into a period of consolidation. The price of Ripple has broken the resistance level at $0.70 and is now trading above it. However, the relative strength index period 14 is level 59 which indicates that price is in the range bound zone.

The asset is likely to trade between the levels of $0.70 and $0.75 for now.

XRPUSD Short-term Trend: Ranging

Ripple, XRPUSD, CryptoCompare chart

On the daily chart, the price of Ripple is in a ranging market. The asset was ranging in between the levels of $0.67 and $0.69 before it rose to the high of $0.74. Also, it was ranging again in between the levels of $0.74 and $0.72 before it fell to the low of $0.69.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.