XRP Price Analysis: XRP/USD Remains Near $0.32, Targets $0.31

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Photo: QuoteInspector

Key Highlights:

  • The Bears momentum prevailed in the XRP market;
  • the Bears’ pressure may return the XRP price back to the previous low;
  • the supply level of $0.35 may be reached in a case $0.32 level holds.

XRP/USD Price Medium-term Trend: Bearish

Supply levels: $0.33, $0.35, $0.36
Demand levels: $0.32, $0.31, $0.30

XRP/USD is bearish on the medium-term outlook. The Bulls took over the XRP market on April 15 at $0.31 price level. The bullish pressure broke up the barrier at $0.32 and $0.33 price level and the XRP price increased towards $0.35 level but could not break up the level. The Bulls lost the pressure on April 18 and the bearish pressure returns the price to $0.32 price level.

A strong bearish candle that formed at the opening of the market today has penetrated the 21 periods EMA and 50 periods EMA; the coin is currently trading below the two EMAs. The Stochastic Oscillator period 14 is at 50 levels and its signal lines pointing down to indicate sell signal.

Further increase in Bears’ pressure will return the coin back to its previous low at $0.31 price level. In case the demand level of $0.32 holds, the Bulls will push up the XRP price and target the supply level of $0.35.

XRP/USD Price Short-term Trend: Bearish

On the short-term, XRP/USD is bearish. XRP price bounced at $0.31 price level and the Bulls’ momentum increased, the coin rallied towards $0.35 supply level. The Bears interrupted the price increase, pushed the coin down towards $0.32 demand level. The XRP price is currently pulling back.

At the moment, the coin is trading below the 21 periods EMA and 50 periods EMAs. The former is trying to cross the later to indicate bearish momentum. Meanwhile, the Stochastic Oscillator period 14 is at 40 levels with the signal lines bending down to indicate sell signal.

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