XRP Price Analysis: XRP/USD Сonsolidates at $0.42, Awaiting a Movement Towards $0.39

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Key Highlights:

  • The Bulls momentum is becoming weak;
  • XRP price may descend towards $0.39 level;
  • increase in the bulls momentum may place the price at $0.46 level.

XRP/USD Price Medium-term Trend: Bullish

Supply levels: $0.42, $0.46, $0.49
Demand levels: $0.39, $0.35, $0.29

XRP/USD is bullish on the medium-term outlook. The Demand level of $0.39 eventually holds as predicted the last three days. XRP price reversed after the formation of the Tweezer bottom candle pattern. The bullish momentum pushed the coin upward towards the supply level of $0.42. The Bulls has pushed the price to touch the drawn bearish trend line and the resistance at the place prevents further increase in the price of XRP. As at the moment, the price is at $0.42 level consolidating.

The coin has crossed the 21 periods EMA and 50 periods EMA upside; the coin is above the two EMAs consolidating. However, the Moving Average Convergence divergence period 12 with its histogram is above zero level and its signal lines pointing up to indicate a buy signal. The Bulls will have to gain more pressure in order to push up the coin to reach $0.46 supply level. Should the Bears exert more pressure and defend $0.42 level, XRP price may decline towards the demand level of $0.39.

XRP/USD Price Sshort-term Trend: Bullish

On the short-term outlook, XRP/USD is bullish. XRP/USD was bearish last three days and it found support at $0.39 level on June 06. A bullish engulfing candle formed and the price increased towards the supply level of $0.42 where XRP is currently consolidating.

XRP/USD has already crossed the two EMAs upside and continue trading above 21 periods EMA and 50 period EMAs; which is the bullish movement signal. However, the MACD period 12 with its histogram is crossing zero level downside and the signal lines bending down to connotes sell signal.

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