Coinspeaker
XRP Price Analysis: XRP/USD Expected to Break Out at $0.31 Level
Key Highlights:
- The Bears are still in control of the XRP market;
- the Bears’ pressure may push the XRP price down to $0.30 demand level;
- the supply level of $0.33 may be reached in a case $0.31 level holds.
XRP/USD Price Medium-term Trend: Bearish
Supply levels: $0.32, $0.33, $0.35
Demand levels: $0.31, $0.30, $0.29
On the medium-term outlook, XRP/USD is bearish. The Crypto was at the demand level of $0.32 last week. The Bears increased their pressure, broke down the level and returned the coin to the previous low at $0.31 demand level on April 21.
Since then, it has been on sideways movement within the range of $0.31 demand level and $0.32 supply level on the 4-hour chart. The price is trading within the falling wedge on the 4-hour chart.
The coin continues consolidating below the 21 periods EMA and 50 periods EMA. There is a probability that the crypto will decline further as the Stochastic Oscillator period 14 is at 40 levels pointing down to indicate sell signal.
Should the Bulls defend the demand level of $0.31, the coin may be pushed up to break the supply level of $0.32 and target $0.33 price level. Further increase in Bears’ pressure will further decrease the XRP price to $0.30.
XRP/USD Price Short-term Trend: Bearish
XRP/USD is bearish on the short-term. The Bears interrupted the price increase yesterday at the supply level of $0.32, pushed down the XRP price towards $0.31 demand level. XRP price has formed a falling wedge on the 1-hour chart. The coin is aiming at the break down of $0.31 level.
Currently, the coin is still trading below the 21 periods EMA and 50 periods EMAs as a sign of a bearish trend. The two EMAs are bending towards the bears’ direction. Meanwhile, the Stochastic Oscillator period 14 is at 40 levels with the signal lines bending down to indicate sell signal.
XRP Price Analysis: XRP/USD Expected to Break Out at $0.31 Level
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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