- Sideways movement confirmed in the XRP market;
- the bears took over the XRP market;
- the coin may target $0.32 price level.
XRP/USD Price Medium-term Trend: Ranging
Supply levels: $0.31, $0.32, $0.33
Demand levels: $0.30, $0.28, $0.26
XRP is ranging on the medium-term outlook. The cryptocurrency found support at the demand level of $0.30 on March 26. The Morning star candle pattern formed at $0.30 level; this candle pattern is a bullish reversal candle pattern. The Bulls pushed up the XRP price towards $0.31 resistance level. The Bulls lost the momentum likewise the bears, the sideways movement began on and around $0.31 level.
The two EMAs are coming closer to each other and the coin is trading on and in-between the 21 periods EMA and 50 periods EMA which connotes that consolidation is ongoing in the XRP market. The Stochastic Oscillator period 14 is close to 80 levels with the signal lines twisting to each other also confirm the sideways movement which may continue for a while.
XRP price will rally towards $0.32 resistance level in case the bullish momentum breakup the resistance level of $0.31 and the bullish candle closes above the level, otherwise, the coin will return to its previous low in case $0.31 supply level holds.
XRP/USD Price Short-term Trend: Ranging
On the short-term, XRP/USD is on the sideways movement. The bullish momentum pushed the XRP to the high of $0.31 on March 27. The bulls could not push up the XRP price beyond this level before the Bears took over. Bearish harami candle pattern formed; which is a bearish reversal candle. XRP price declined towards the $0.30 demand level but could not reach the mark before it was interrupted by the Bulls and the sideways movement began.
The coin is hovering over the 21 periods EMA and 50 periods EMA. The two EMA are flat horizontally in the XRP market on the 1-hour chart. However, the Stochastic Oscillator is at 60 levels with the signal lines bending down which connotes sell signal.
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