XRP Price Analysis: Currency is Targeting $0.5, Can The Bears Lose Grip?

XRP Price Analysis: Currency is Targeting $0.5, Can The Bears Lose Grip?

Supply zones: $0.46, $0.48, $0.51

Demand zones: $0.43, $0.41, $0.37

XRP/USD Medium-term Trend: Bullish

XRP/USD is bullish in its medium-term outlook. The coin reversed from the uptrend as the doji candle ended the consolidation phase and a bearish engulfing candle formed which broke $0.51 price level downside. More strong bearish candles were formed which broke former demand zones of $0.48, $0.46 and $0.43 but the XRP price was pushed back by the bulls to $0.46 price level. The bears were in control of the XRP market.

XRP price is trading below 21-day EMA and 50-day EMA with 21-day EMA crossed the 50-day EMA downside, which indicates the strong pressure of the bears, couple with the MACD indicator with its histogram below zero level and its signal lines pointing to the south indicates a bearish trend continues.


XRP/USD Short-term Trend: Bearish

On the 1-Hour chart, XRP/USD is also in bearish trend. XRP consolidated for some time within the range of $0.53 and $0.51 price level before eventually broke out from the lower side of the range. The bears pushed the coin to the south, down to $0.43 demand level with full force; this shown clearly on the chart with the formation of massive bearish candles.

XRP price is already under the 21-day EMA and 50-day-EMA which indicate that downtrend is ongoing after pullback has been done and the MACD with its histogram is fading from above zero level gradually going down below zero level with its signal lines pointing to the south, an indication of a selling market. XRP is targeting $0.499 price level.

Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.