- The bulls are gradually taking over the XRP market;
- the supply level of $0.38 may be the target for the XRP price;
- the bearish momentum is gradually weakening.
XRP/USD Price Long-term Trend: Bullish
Supply levels: $0.34, $0.38, $0.42
Demand levels: $0.31, $0.28, $0.25
XRP/USD is turning to bullish trend on the long-term outlook. The crypto has been very bearish for more than a month. During this period, any attempt made by the bulls to push up the XRP price is always rejected by the bears. On February 7, the coin landed on the demand level of $0.28, the Bears’ pressure was exhausted and was unable to break down the $0.28 mark.
On February 8, a solid bullish candle emerged as a signal of the bulls’ increased momentum which pushed the XRP price towards $0.31 price level and penetrated the level upside; further increase was resisted at the dynamic resistance of 50-day EMA. XRP consolidated throughout last week.
On February 18 another strong bullish candle broke up and closed above the $0.31 price level. The $0.34 supply level was broken up side by another daily candle that was rejected and turned to gravestone Doji candle above the two EMAs.
The 21-day EMAs is below the 50-day EMA but the former is bending towards the later in order to cross it upside as a bullish trend sign. XRP is trading above the two EMAs. The Stochastic Oscillator period 14 is at 60 levels with the signal lines pointing up to indicate buy signal. Increase in the bulls’ momentum will make the XRP price reach $0.38 supply level in case $0.34 price level is breached. Should the bears defend the $0.34 supply level; the XRP price may range back towards the previous low.
XRP/USD Price Medium-term Trend: Bullish
On the medium-term outlook, XRP/USD is bullish. XRP price started consolidating on February 10 and ended on February 17. The momentum of both the bears and the bulls were at zero levels and that is why the two EMAs were seriously interlocked to each other and the XRP price traded on it.
The Bulls gained enough pressure and the solid strong bullish candle formed that penetrated the level of $0.31, a retest was carried out followed by a bullish rally of the XRP price towards supply level of $0.34, broke the said level but later resisted by the bears and the price fell below $0.34 price level.
The two EMAs are separating from each other to confirm an increase in bullish momentum in the XRP market. Currently, the XRP price is above the 21-day EMA and 50-day EMA and the Stochastic Oscillator period 14 is at 60 levels and the signal lines bending down connote sell signal.
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