Azeez Mustapha | Coinspeaker
- The Bulls lost the momentum after the breakout;
- the XRP price continues consolidating after a fake breakout;
- the break out at either upper or lower trend line is imminent.
XRP/USD Price Medium-term Trend: Ranging
Supply levels: $0.32, $0.34, $0.36
Demand levels: $0.30, $0.28, $0.25
The ranging movement continues in the XRP market on the medium chart. As it was predicted two days ago, there was a sudden breakout at the upper trend line of the symmetrical triangle formed. The Bulls gathered momentum and pushed up the XRP price with the formation of a strong massive Japanese candle which broke up the supply level of $0.32.
The coin rallied towards the $0.34 price level but unable to reach the target. The Bulls lost the momentum along the way coupled with the Bears’ pressure, the XRP price fell back to the former price level and continue consolidating.
The trading system of XRP remains the same as it is hovering on the 21 periods EMA and 50 periods EMA. The two EMAs are tightly fixed to each other, remains flat horizontally without direction. The zip-saw movement confirms a battle between the buyers and the sellers in the XRP market. In case the Bears prevail over the Bulls the XRP price will decline towards $0.30, break the level and face the $0.28 demand level.
Otherwise, the XRP price may still rally to the north. However, the Relative Strength Index is at 50 levels with the signal line pointing up which indicates a buy signal.
XRP/USD Price Short-term Trend: RangingXRP/USD continues sideways movement on the short-term outlook. An attempt made by the bulls on March 13 to propel the XRP price towards the $0.34 supply level was truncated by the Bears’ pressure. This scenario made the coin to fall back to its previous consolidation phase.
On March 14 the Bears also gained pressure and broke down the $0.32 price level but could not sustain the pressure and the Bulls returned the XRP price to the former level where it is currently consolidating. The RSI is above the 40 levels with the signal line pointing down which connotes sell signal.
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