In case the XRP price declines to the previous low of $0.28 and the price bounces then the traders should look for an opportunity to place a long position and take their profit at $0.38 price level.
Key Highlights:
- Another ranging movement on the XRP market;
- the bears still hold control of the market;
- traders should exercise patient before placing a trade.
XRP/USD Price Long-term Trend: Ranging
Supply levels: $0.33, $0.38, $0.42
Demand levels: $0.28, $0.25, $0.22
The $0.28 demand level is already been exposed. XRP price is trading below the 21-day EMA and 50-day EMA and the two EMAs are fanned apart which indicate the bearish pressure in the XRP market. Should the bears defend the supply level of $0.33 the coin may fall to the $0.25 price level. In case the XRP price decline to the previous low of $0.28 and the price bounces then the traders should look for an opportunity to place a long position and take their profit at $0.38 price level.
The Relative Strength Index period 14 is at 40 levels flat horizontally at the level implies that the consolidation movement may continue for a short period of time.
XRP/USD Price Medium-term Trend: Bearish
The Relative Strength Index period 14 is at 50 levels horizontally flat at the level without showing direction indicates that ranging movement is ongoing and may take few hours before the breakout.
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