XRPUSD Medium-term Trend: Ranging
- Resistance Levels: $0.56, $0.58, $ 0.60
- Support Levels: $0.30, $0.28, $0.26
In the previous week, the XRP price was in a range bound movement. The crypto was trading at the $0.31 price level almost on a daily basis. On March 15, the bulls broke the 12-day EMA and the 26-day EMA as the crypto's price climbed to the $0.32 price level. However. the bullish candlestick tested the $0.33 resistance level, and the bears made a downward correction.
The XRP is falling to the lower price range. If it does fall, it will complete the range bound movement to the lower price level. Remember that in the tight range-bound movement, the crypto's price is fluctuating between the levels of $0.30 and the $0.33. Nevertheless, if the price falls to the $0.30 price level, the bulls are likely to commence their bullish movement.
However, if the crypto has a price breakout, this will invalidate my previous analysis. In other words, the bulls will test the $0.34 price level. On the downside, a price breakdown will depreciate the crypto to the $0.28 price level. Meanwhile, the stochastic indicator is out of the oversold region but below the 80 % range which indicates that the XRP price is in a bearish momentum and a sell signal.
XRPUSD Short-term Trend: Ranging
On the 4-hour chart, the XRP price was in a range bound movement. Last week, the 12-day EMA and the 26-day EMA were trending horizontally indicating the range bound movement at the $0.31 price level. On March 16, the bulls tested the $0.33 price level, as the crypto's price fell and found support at the $0.31 price level.
Meanwhile, the stochastic indicator is at of the oversold region but above the 20 % range which indicates that the XRP price is in a bearish momentum and a sell signal.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.