XRP Price Analysis: XRP/USD is Consolidating at $0.39 Level, Awaiting a Breakout


Coinspeaker
XRP Price Analysis: XRP/USD is Consolidating at $0.39 Level, Awaiting a Breakout

Key Highlights:

  • XRP price broke down $0.46 level;
  • the price dropped to $0.39 demand level;
  • XRP is consolidating at $0.39, waiting for a breakout.

XRP/USD Price Medium-term Trend: Bullish

Supply levels: $0.42, $0.46, $0.50
Demand levels: $0.39, $0.35, $0.31On the medium-term outlook, XRP/USD is bearish. XRP was bullish last two days, the price was above the $0.46 level. The Bears defended the $0.5 supply level, prevented the Bulls from breaking up the $0.5 level. There was a serious price spark in the XRP market at that level. The Bears prevailed over the Bulls and the XRP price dropped to the demand level of $0.39 after penetrating former demand levels of $0.46 and $0.42.

As at the moment, the price is moving sideways within the $0.42 and $0.39 levels.

XRP price has crossed the two EMAs downside meaning that it is trading below the 21 periods EMA and 50 periods EMA. The price is moving farther away from the EMAs which indicate high bearish momentum. The Stochastic Oscillator period 14 is below 20 levels with the signal lines pointing down to connotes further reduction in XRP price.

When the demand level of $0.39 holds the price, it will bounce and move towards the previous high. Further increase in the Bears pressure may place the price at $0.35 in case the $0.39 level does not hold.

XRP/USD Price Short-term Trend: Bearish

On the short-term outlook, XRP/USD is bearish. The Bears exerted more pressure on the $0.46 level (the level where it was consolidating two days ago) and broke down the level. The price descended to $0.42 level where short consolidation was performed. Yesterday, another strong and massive bearish candle emerged that broke down the former demand level of $0.42 and the price dropped to $0.39 level where it is currently consolidating.

XRP price is trading below the 21 periods EMA and 50 periods EMA at a close range which indicates low momentum. However, Stochastic Oscillator period 14 is at 60 levels with the signal lines pointing up to indicate a buy signal.

XRP Price Analysis: XRP/USD is Consolidating at $0.39 Level, Awaiting a Breakout

Source: 
https://www.coinspeaker.com/xrp-price-analysis-xrp-usd-consolidating-0-39-breakout-1/