XRPUSD Medium-term Trend: Bearish
- Resistance Levels: $0.56, $0.58, $ 0.60
- Support Levels: $0.34, $0.32, $0.30
The XRPUSD pair was in a bearish trend as the crypto's price broke the $0.37 and $0.35 price levels. However, the bulls pullback moved the price above the $0.35 price level. Nevertheless, the crypto's price broke the 12-day EMA and the 26-day EMA to the bearish trend zone.
In my previous analysis, I suggested that if price retraced and broke the EMAs, there was a likelihood for the price to continue its downward trend. From the price action, the XRP price is likely to further depreciates to the lows of $0.33 and $0.29. A bearish trend line is drawn to determine the duration of the bearish trend.
A bearish trend is ongoing if the trend line is not broken by a candlestick. On the other hand, a bearish trend is said to be terminated when a candlestick breaks the trend line and the following candlestick closed on the opposite of it. As at the time of writing the bearish trend is ongoing.
XRPUSD Short-term Trend: Bearish
On the 4-hour chart, the XRP price is in a bearish trend. The crypto's price broke the EMAs and fell to the low of $0.34 to commenced a bullish movement. The crypto's price is also below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall. In addition, the stochastic indicator is already in the oversold region but below the 20% range.
This implies that the XRP is in a bearish momentum and a sell signal.
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