The Bears need to double their momentum in order to break down the XRP’s demand level of $0.31 and reach the target at $0.30 price level. In case the Bulls defend the demand level of $0.31 sideways movement may continue for a while.
Key Highlights:
- The Bears are gradually taking over the XRP market;
- the sideways movement may continue in case the Bulls defend $0.31 level.;
- the demand level of $0.30 may be exposed.
XRP/USD Price Medium-term Trend: Bearish
Supply levels: $0.32, $0.33, $0.35
Demand levels: $0.31, $0.30, $0.29
The coin penetrated the 21 period EMA yesterday but unable to break up the 50 periods EMA. XRP price is below 21 periods EMA and 50 period EMAs. The 4-hour inverted hammer candle formed at the opening of the market today is an indication of a bearish move.
The Relative Strength Index period 14 is at 50 levels and the signal line pointing down to indicate sell signal. The Bears need to double their momentum in order to break down the demand level of $0.31 and reach the target at $0.30 price level. In case the Bulls defend the demand level of $0.31, sideways movement may continue for a while.
XRP/USD Price Short-term Trend: Bearish
At the moment, the coin is crossing below the two EMAs to indicate bearish momentum. The Relative Strength index period 14 is at 50 pointing down to indicate sell signal.
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