Key Highlights:
The Bears still hold onto the market;
the demand level of $0.32 may be broken downside;
bearish trend is ongoing.
XRP/USD Price Long-term Trend: Bearish
Supply levels: $0.38, $0.43, $0.50
Demand levels: $0.32, $0.25, $0.20
XRP continues its bearish trend on the long-term outlook. The cryptocurrency bottomed at the demand level of $0.32 last week by the Bears’ pressure. A Doji candle formed followed by the bullish candle pushed the XRP price up towards the supply level of $0.43 after broken upside the supply level of $0.38. Further upward movement of XRP price was resisted by the dynamic resistance of 21-day EMA. Currently, the XRP price is returning to its previous low.
The 21-day EMA remain under 50-day EMA as a symbol of downtrend while the XRP price still found below the two EMAs, which indicate that the bearish trend is ongoing. Nevertheless, the Stochastic Oscillator period 14 is below 20 levels (oversold region) which indicate that the bulls may take over the market soon. In case the bearish candle penetrates the demand level of $0.32 and close below it, the coin will face the demand level of $0.25. Should the demand level of $0.32 holds, it will have its target at $0.43.
XRP/USD Price Medium-term Trend: Bearish
XRP is in its bearish trend on the 4-Hour chart. The bears returned the coin from around $0.38 supply area towards the demand level of $0.32 after the Bulls lost the pressure to push the coin upside.
XRP price is currently below the 21-day EMA and 50-day EMA which indicate that the bears still maintain their pressure. Meanwhile, the Stochastic Oscillator period 14 is below 50 pointing downward which indicate sell signal.
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