XRP Price Analysis: XRP/USD Price is Approaching a Potential Bounce Zone at $0.35
- The Bulls are currently in control of XRP market;
- XRP price may rise towards $0.50 price level;
- the price is currently experiencing a pullback.
XRP/USD Price Medium-term Trend: Bearish
Supply levels: $0.39, $0.42, $0.46
Demand levels: $0.35, $0.32, $0.29XRP/USD is on the bearish trend in the medium-term outlook. XRP/USD was bullish last week, the bullish momentum broke up several levels such as; $0.35, $0.39, $0.42, and eventually placed the coin at $0.46 supply level. On May 16, a bearish reversal candle pattern called inverted pin bar formed; this implies that the bullish trend may turn to bearish and also the arrival of the Bears with higher momentum.
Following the pin bar is the formation of a strong bearish candle, the bearish pressure increased and XRP price declined towards $0.35 level after it passed through the barriers at $0.42 and $0.39 level.
XRP price is trading in between the 21 periods EMA and 50 periods EMA with strong bearish candles. The Stochastic Oscillator period 14 is at 20 levels with the signal lines pointing down which indicate strong sell signal. Further decrease in price is highly envisaged. Increase in the Bears’ pressure will definitely decrease XRP price which may break the $0.35 level and target $0.32 level. In case, $0.35 level holds, the price may bounce and the trend may change to bullish.
XRP/USD Price Short-term Trend: Bearish
On the short-term outlook, XRP/USD is on the downtrend. Last week Bullish momentum placed the coin at $0.46 level. Shortly after that, a candle pattern called evening star emerged; this bearish reversal candle pattern pushed the price to reach $0.39 level on May 16, price retracement was carried out to retest the broken level.
At the moment, the price is approaching $0.35 demand level, a potential bounce zone. XRP is trading below the 21 periods EMA and 50 periods EMAs and the Stochastic Oscillator period 14 is at 30 levels with the signal lines pointing down to indicates sell signal.