XRPUSD Medium-term Trend: Bearish
Supply Levels: $0.52, $0.53, $ 0.54
Demand levels: $0.50, $0.49, $0.48
Last week, the XRPUSD pair was in a downward trend. It traded at $0.66 but fell to $0.53. Ripple is in a smooth downtrend with a bearish trend line. The 20-day moving average and 50-day moving average confirms the downtrend. Meanwhile, the relative strength index period 14 is level 33 indicating that the market is oversold and suggesting the bulls will take control of the market.
If the market is oversold, traders will exit their short trades and look out for buy setups to initiate long trades.
XRP/USD Short-term Trend: Bullish
The 1-hour chart shows that the Ripple price is in a downtrend. In the lower time frame, the MACD line and the signal line are above the zero line indicating a buy signal. Also, the price of the asset is above the 12-day EMA and 26-day EMA indicating that the bullish trend is ongoing. A long trade can be taken at the $0.51 support level, if that level is holding.
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