XRPUSD Medium-term Trend: Bearish
Supply levels: $0.35, $0.37, $ 0.39
Demand levels: $0.26, $0.24, $0.22
The XRPUSD pair had been in a range-bound movement between the levels of $0.36 and $0.30.Yesterday, the cryptocurrency encountered a bearish breakout which was a sudden price spike. The price broke the lower level of the price range at $0.30 – falling to the low of $0.28.
Since the lower level of price range was broken, it is likely the cryptocurrency will revisit the previous low at $0.24 which is the next support level. Traders should look out for buy setup if the price falls to the $0.24 price. In addition, 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 XRP price is in a bearish trend. The price fell to the low of $0.28 and there was price consolidation. Nevertheless, the Relative Strength Index period 14 is level 21 which indicates that the market is oversold suggesting bulls will take control of the market.
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