XRP Price Analysis: XRP/USD Reversed Off the Resistance at $0.32, Drop Expected

click here to see original post

Photo: Coinspeaker

Key Highlights:

  • The Bears are gradually taking over the XRP market;
  • the sideways movement may continue in case the Bulls defend $0.31 level.;
  • the demand level of $0.30 may be exposed.

XRP/USD Price Medium-term Trend: Bearish

Supply levels: $0.32, $0.33, $0.35
Demand levels: $0.31, $0.30, $0.29

XRP/USD remains bearish on the medium-term outlook. The crypto could not find its low at $0.30 demand level as predicted last week because the Bears’ momentum was weak and could not break down the $0.31. On April 15, XRP price reached $0.31 and the Bulls rejected further decrease in price and the coin consolidated towards $0.32. Formation of the descending triangle chart pattern confirmed.

The coin penetrated the 21 period EMA yesterday but unable to break up the 50 periods EMA. XRP price is below 21 periods EMA and 50 period EMAs. The 4-hour inverted hammer candle formed at the opening of the market today is an indication of a bearish move.

The Relative Strength Index period 14 is at 50 levels and the signal line pointing down to indicate sell signal. The Bears need to double their momentum in order to break down the demand level of $0.31 and reach the target at $0.30 price level. In case the Bulls defend the demand level of $0.31, sideways movement may continue for a while.

XRP/USD Price Short-term Trend: Bearish

On the short-term, XRP/USD is bearish. The bearish momentum pushed down the coin to the low of $0.31. The XRP price engaged in the sideways movement towards $0.32 level where it was opposed by the Bulls after it penetrated the two EMAs. XRP price will remain bearish until the coin break up the upper trend line and the candle close above $0.32 supply level.

At the moment, the coin is crossing below the two EMAs to indicate bearish momentum. The Relative Strength index period 14 is at 50 pointing down to indicate sell signal.

Share !