XRP Price Analysis – August 13

  • The XRP price has depreciated by 89% since December 2017.
  • Traders are to look out for buy setups to initiate long trades in anticipation of a bullish trend.

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

XRPUSD Medium-term Trend: Bearish

Supply levels: $0.35, $0.36, $ 0.37                                      

Demand levels: $0.30, $0.29, $0.28  

In the last  week, the XRP price had been in a bearish trend. The bears took the price to the low of $0.28 but the bulls brought the price back to the high of $0.30.  On December 31st, 2017, the XRP price reached the high of $2.74 but today fell to the low of $0.30. This means that the cryptocurrency has depreciated by  89%.

The cryptocurrency appears to be oversold suggesting more buyers will push the price upwards. Also, the retracement had almost erased the bull market. Traders are to look out for buy setups to initiate long trades in anticipation of a bullish trend. Also, the stop loss for each trade should be below the $0.28 price level.

Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal.  The XRP price is below the 12-day EMA and the 26-day EMA which indicates that the XRP price is falling.

XRPUSD Short-term Trend: Ranging  

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View  

On the 4-hour chart, the XRP price is in a range bound movement. The price fell to the low of $0.28 and commenced a range bound movement. Nevertheless, the Relative Strength Index period 14 is level 38 which indicates that the market is oversold suggesting bulls might take control of the market.         

                                                                                                                                                                                        

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