XRPUSD Medium-term Trend: Bearish
- Resistance Levels: $0.56, $0.58, $ 0.60
- Support Levels: $0.27, $0.25, $0.23
The XRP price is in a bearish trend zone. From the daily chart, a trend line is drawn to show the bearish pattern of the cryptocurrency. The pattern consists of three resistance levels of $0.46, $0.40 and $0.34 where traders can initiate short trades. If a candlestick tests the trend line and bounces back, a trader can initiate a short trade indicating that the bearish trend is ongoing.
On the other hand, if a candlestick breaks the trend line and the following candlestick closes on the opposite of the trend line; then the bearish trend is terminated. Today, a daily bearish candlestick is forming indicating that the downward trend is continuing. On the downside, the crypto is expected to find support at the $0.28 price level.
Meanwhile, the stochastic band is out of the oversold region, but below the 40% range. This indicates that the price is in a bearish momentum and a sell signal.
XRPUSD Short-term Trend: Ranging
On the 4-hour chart, the XRP price is in the bearish trend zone. Yesterday, a bearish candlestick fell to the low of $0.30 and commenced a range bound movement. On the downside, if the bears break the $0.30 price level, the crypto will find support at $0.28 price level. On the upside, if the bears fail to break the $0.30 price level, traders should look out for buy set up to initiate long trades.
Meanwhile, the stochastic has reached the oversold region and below the 20% range. This indicates that the XRP price is in a strong bearish momentum and a sell signal.
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