XRPUSD Medium-term Trend: Bearish
Resistance Levels: $0.56, $0.58, $ 0.60
Support Levels: $0.40, $0.38, $0.36
Yesterday, the XRPUSD pair was in a sideways trend as the Doji and spinning tops candlesticks described the indecision of buyers and sellers. It was suggested that if the price broke the $0.51 price level, the cryptocurrency would find support at $0.46. Today, the digital currency has broken the $0.50 price level, the 12-day EMA and the 26-day EMA.
The implication is that the price is now below the $0.50 price level, the digital currency may have difficulty to resume its uptrend. The breaking of the EMAs will find the price in the bearish trend zone. However, if the price breaks the $0.45 price level, the crypto will find support at either $0.38 or $0.40 price levels.
XRPUSD Short-term Trend: Bearish
On the short term trend, the XRP price is in a bearish trend. The crypto fell to the low of $0.46 and the price is consolidating at that level. Meanwhile, the Relative strength index period 14 is level 36 which indicates that the price is nearing the oversold region of the market; suggesting bulls will take control of the market.
Traders are to look out for buy setups in order to initiate long trades as the market is nearing the oversold condition.
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