XRPUSD Medium-term Trend: Bearish
Supply Levels: $0.80, $0.79, $ 0.78
Demand levels: $0.74, $0.75, $0.76
Yesterday, March 8, Ripple price was found in the range-bound zone again between $0.80 and $0.90 before the previous bullish breakout at the same level on April 30. Ripple price reached $0.93 and was resisted by the bears who brought it to the range bound zone. It was assumed that if the price broke the support level at $0.80, Ripple would find support at $0.77.
On the other hand, if the Bulls sustain a hold on the $0.80 level, Ripple will revisit the $0.90 high. Nevertheless, Ripple price actually broke the support level at $0.80 and fell to the $0.77 low. On the chart, a bearish trend line is drawn, showing the downtrend of Ripple. The bearish trend line overlaps the price bars.
When the price pulls back and touches the trend line a resistance level is created and that invariably gives us a seill signal. Traders ought to take short trades at those resistance levels.
XRPUSD Short-term Trend: Bearish
The daily chart shows Ripple price is in a smooth downtrend. A bearish trend line is drawn from $0.83, showing the resistance levels where traders can take short trades. Also, the 20-day and 50-day moving averages are trending southward indicating the downtrend.
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