XRPUSD Medium-term Trend: Bearish
Supply levels: $0.35, $0.37, $ 0.39
Demand levels: $0.26, $0.24, $0.22
Last week the XRP price was in a bearish trend. The cryptocurrency was range bound between the levels of $0.36 and $0.30 when a sudden bearish trend broke the lower level of the price range which is $0.30 and fell to the low of $0.28. Today, the price of XRP is falling and approaching the $0.27 price level.
Price will likely revisit the next support level of $0.24 which is the major support level. Traders may wish to initiate long trades if price tests the $0.24 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, 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: Bearish
On the 4-hour chart, the price of XRP is in a downward trend. The XRP price is falling because it is below the exponential moving averages. Nevertheless, the Relative Strength Index period 14 is level 35 which indicates that the market is oversold suggesting bulls may briefly take control of the market.
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