XRP Price Analysis: XRP/USD Broke Out at $0.31 Targeting $0.30 Price Level

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Key Highlights:

  • There was an XRP price break out at $0.31;
  • the bears took over the XRP market;
  • the coin is targeting $0.30 price level.

XRP/USD Price Medium-term Trend: Bearish

Supply levels: $0.31, $0.32, $0.33
Demand levels: $0.30, $0.28, $0.26

XRP bearishly broke out on medium-term outlook. The bears eventually prevailed over the Bulls in the XRP market. The battle (Sideways movement) between the Bulls and the Bears in the XRP market lasted for more than two weeks.

On March 21, the Bears strengthened its momentum and a strong massive bearish Japanese candle formed that broke down the $0.31 former demand level and declined towards $0.30 price level but pushed back by the Bulls ‘pressure and placed the price on $0.31 level. XRP price is currently consolidating below $0.31.

The 21 periods EMA has crossed the 50 periods EMA downside and the coin is currently below the two EMAs as an indication of a bearish trend. The Relative Strength Index period 14 is below 40 levels flat at the level which indicate consolidation is ongoing which may be for a short period.

Further increase in the Bears’ pressure will make the coin to find its support at $0.30 demand level. In case the demand level of $0.30 holds, the price will bounce and rally towards the north. The trader can place buy limit order at $0.30 level to catch some green pips.

XRP/USD Price Short-term Trend: Bearish

The Bears put an end to the sideways movement in the XRP market on the short-term outlook. The sideways movement in the XRP market within $0.32 and $0.31 price level, which lasted for more than two weeks brought to an end as the big bearish candle penetrated the $0.31 price level downside. Price retracement is currently going on before the continuation of the downtrend.

There is a probability that the bearish trend will continue as the coin is trading below the 21 periods EMA and 50 periods EMA. The Relative Strength Index period 14 is at 40 levels with signal lines bending towards south which connotes sell signal.

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