XRP Price Analysis – August 16

  • In a ranging market, a short trade can be taken at the resistance level.
  • The XRP price is expected to fluctuate between the levels of $0.30 and $0.25.

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

XRP Price Medium-term Trend: Bearish

Supply levels: $0.29, $0.30, $ 0.31                                    

Demand levels: $0.25, $0.24, $0.23

Yesterday, August 15th, the XRP price was in a bullish trend. The price reached the high of $0.30 from the low of $0.25.  Later, it fell back to the low of $0.28. Today, the price is in a range bound movement. On August 11th, it was observed that since the cryptocurrency was oversold, the  XRP price was ranging between the levels of $0.30 and $0.25.

The price is expected to fluctuate between these levels. From the chart, the MACD line and the signal line are below the zero line which indicates a sell signal. Similarly, the price of XRP is below the 12-day EMA and 26-day EMA  which indicates that a bearish trend is ongoing.

XRP Price Short-term Trend: Ranging     

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View             

On the 4-hour chart, the XRP price is range-bound. At the resistance level, a short trade can be taken, then a stop loss above the resistance level. Lastly, you can exit your short trade near the support zone. At the support level, if the price doesn't break the level, a long trade should be taken and a stop loss below the level. Then you can exit the long trade near the resistance zone.

Meanwhile, the Relative Strength Index period 14 is level 46  which indicates that the price is in the range-bound zone.

 

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