XRP Price Analysis: Currency Looks Set For a Swift Bullish Rally

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XRP Price Analysis: Currency Looks Set For a Swift Bullish Rally
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Supply zones: $0.31, $0.32, $0.33

Demand zones: $0.30, $0.29, $0.28

XRP/USD Long-term Trend: Bullish

XRP/USD is bullish on the long-term outlook. XRP price fell to the low of $0.30 price level on March 21. A bullish pin bar Japanese candle formed signified the bulls’ arrival with their increased momentum. Followed the pin bar is the formation of a strong massive bullish candle that penetrated the supply zone of $0.31.

A retest was carried out when the bears resisted further increase in XRP price at the dynamic resistance level of 21 periods EMA. The XRP price bounced as it touched the $0.30 demand zone, the Bulls persistently increasing their pressure and the coin broke up the supply zone of $0.31.

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The crypto is trading in between the two EMAs with a bullish candle which implies that the Bulls are gradually taking over the market. Uptrend movement continues until the drawn trend line is broken downside and the bearish candle closed below it.

The stochastic Oscillator period 14 is at 50 levels with the signal lines point up to indicate buy signal and a further increase in the XRP price. The XRP price will continue to increase as long as the bulls increase their momentum. Should the daily candle close above the $0.31 price level; XRP may have its target at $0.33 supply zone.

XRP/USD medium-term Trend: Bullish

XRP/USD is on the bullish movement on the medium-term outlook. The Bears lost their momentum at the $0.30 demand zone. A Bullish harami candle pattern emerged at the $0.30 demand zone and serve as a bullish turning point for XRP price.  

A bullish momentum propelled the XRP price towards the $0.31 price level, price retracement was done at the level and the price consolidated for few days before the Bulls’ force broke up the $0.31 level and increased the price towards $0.32 supply level. The XRP price retested the broken level on March 31. Strong bullish candles emerged at the opening of the market today indicate that XRP has resumed its uptrend movement.

The coin is trading above the 21 periods EMAs and 50 periods EMA. The Stochastic Oscillator period 14 is at 40 levels with the signal lines point up to indicate buy signal and a further increase in XRP price.  


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