On the long-term outlook, the breakout at the upper range level of $0.38 will give an opportunity to XRP traders to go long.
By Azeez Mustapha
Updated
2 mins read
Supply levels: $0.38, $0.43, $0.50
Demand levels: $0.33, $0.28, $0.24
XRP/USD resumed a range-bound movement on the long-term outlook. Last week, XRP price rose to $0.47 supply area before the bulls lost momentum. The long upper shadow candle pattern formed, followed by bearish candles at $0.41 in the supply area on December 24 was an indication that the bears are back to the XRP market after the bulls pushed the coin beyond the $0.43 extended towards $0.50. XRP price fell to $0.43 later dropped to $0.38 demand levels before the sideways movement commenced.
The cryptocurrency is trading and ranging between $0.38 in the upper supply level and $0.33 lower demand level of the range. XRP price is directly on the 21-day EMA and 50-day EMA with the two EMAs parallel and close to each other reflecting a ranging movement on the TRX market. Nevertheless, the Stochastic Oscillator period 14is below 40 levels and its signal lines point down implies sell.
On the long-term outlook, the breakout at the upper range level of $0.38 will give an opportunity to the traders to go long; alternatively, the breakdown at the lower range level of $0.33 will give sell trading opportunity to the traders.
XRP is ranging on the medium-term outlook. There was a bullish rally towards $0.43 after the formation of a Bullish Harami candle pattern on December 28. Further increase of XRP price was rejected by the bears as the bearish engulfing candle pattern formed which dropped the XRP price below $0.38 supply level which led to consolidation scenario between the $0.8 and $0.33 price levels.
The two EMAs are interlocked to each other and the coin is trading directly on the two EMAs below the price level of $0.38. However, the Stochastic Oscillator period 14 is above 50-levels with the signal line pointing to the north connotes buy signal.
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
