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The XRP/USD medium-term trend is bullish, the supply levels are found to be $0.46, $0.49, $0.54 and the demand ranges are $0.42, $0.39, and $0.35.
Last week’s analysis revealed that the coin faced the bearish trends and was trading at $0.39. The bulls exerted pressure and the coin surged to $0.42 and is currently trading at this level. A Doji candle was formed followed by the strong bullish pattern.
The bullish trends prevail but if somehow the bearish trends become strong enough to undermine the bullish pattern the price will be depreciated to $0.39.
The price is trading between 21 periods EMA and 50 periods EMA. The Stochastic Oscillator indicates sell signal and the period 14 is above 20 levels.
The XRP/USD short-term trend is bearish. The last week price analysis of 1-hourly chart was consolidating between $0.39 and $0.42. After that, the bulls exerted pressure and the price of the coin surged and surpassed the resistance level of $ 0.42 to $0.46 level.
The bears started exerting more pressure at this level and prevented a further increase in the price. The evening star pattern was seen on the chart or a bearish reversal candle was evident. XRP price traded between two EMAs and was seen depreciated to the $0.42 level.
If the Stochastic Oscillator period 14 is at the levels 50 the price can be easily reversed at the demand level of $0.42. The signal lines are pointing towards a buying signal.
If the current prices continue, Ripple is still going to be in benefit given that the currency is already trading on a good high from the last three months.
