It will take radical bullish momentum for the XRP price to break out of the $0.38 supply level and rally towards toward $0.43 price level. Should the bears defend the supply level of $0.38, XRP price will decline and may find support at $0.28 demand level.
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 continues in its range-bound movement on the long-term outlook. The bulls had not been able to push the XRP price to break out the supply level of $0.38; likewise, the bears had not been able to break down the demand level of $0.33 since December 27 it started a sideways movement within the range of $0.33 demand level and $0.38 supply level.
The XRP price is been resisted by the confluence found at the supply level of $0.38 (50-day EMA dynamic resistance combined with the barrier at the supply level).
The two EMAs are horizontally flat on the daily chart around the $0.38 price level with the XRP price trading in-between the EMAs which connotes that the consolidation is ongoing. The Stochastic Oscillator period 14 has emerged from the oversold level currently at 40 levels pointing to the north which implies that it is likely for a bullish breakout at $0.38.
It will take radical bullish momentum for the XRP price to break out of the $0.38 supply level and rally towards $0.43 price level. Should the bears defend the supply level of $0.38, XRP price will decline and may find support at $0.28 demand level.
XRP/USD is on the sideways movement on the 4-Hour chart. The ranging movement continues on the medium term as the coin is moving on the two 21-day EMA and 50-day EMA. The two EMAs were interlocked to each other without direction which confirms the ranging movement on the XRP market. The Stochastic Oscillator period 14 is at 40 levels horizontally placed which implies that consolidation may still continue for a while.
Several rejections of attempts made by the bulls to push the XRP price far above the supply level of $0.38 indicates that the level is highly significant as regards the resistance strength. Breakout is certain, traders should exercise patient before placing a trade.
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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.
