XRPUSD Medium-term Trend: Bearish
- Resistance Levels: $0.56, $0.58, $ 0.60
- Support Levels: $0.30, $0.28, $0.26
Last week, February 18, the XRP price was in a bullish trend zone. The crypto’s price reached a high of $0.32. The following day, a Doji candlestick appeared indicating that the buyers and the sellers had reached an equilibrium price. The XRP price fluctuated between the $0.33 and $0.32 price levels until it reached a high of $0.34.
The $0.34 resistance level had remained unbroken since January 10 when it was a support level. The crypto’s price fell fundamentally as it broke above the $0.34 price level and pulled back. The bears broke below the 12-day EMA, the 26-day EMA, $0.32 and $0.31 price levels. The crypto’s price fell to the low of $0.30 and traded in a range bound movement.
The XRP price is likely to fall to the lows of either $0.28 or $0.29 if the $0.30 price level is broken. Meanwhile, the stochastic indicator is out of the oversold region but below the 60 % range which indicates that the XRP price is in a bearish momentum and a sell signal.
XRPUSD Short-term Trend: Bearish
On the 4-hour chart, the XRP price is in a bearish trend. On February 24, the bulls broke the $0.34 price level and tested the $0.35 price level before the bears pulled back price immediately to the lower price level. At the $0.30 support level, the crypto’s price is in range bound movement.
If the support level is holding, traders should initiate long trades in anticipation of a bullish trend. If the support level is broken, the crypto’s price will further depreciate. Meanwhile, the stochastic indicator is in the oversold region but below the 20 % range which indicates that the XRP price is in a strong bearish momentum and a sell signal.
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