Supply zones: $0.31, $0.33, $0.34
Demand zones: $0.30, $0.29, $0.27
XRP/USD Medium-term Trend: Ranging
XRP/USD is ranging on the medium-term outlook. The bullish momentum that broke up the supply zone of $0.31 on February 18 put an end to the consolidation phase that started on February 11. The bullish momentum raised the XRP price and topped at $0.33 on February 25. The bears opposed the further increase in XRP price with the formation of “Doji evening star” candle pattern that declines the XRP price down below $0.33 price level.
Further declination of XRP price was rejected at dynamic support of 50-day EMA and the bullish momentum returned the price to the former high level of $0.34 to form the “Double Top” pattern. The bears with full force pushed the coin to breakdown the former demand zones of $0.33, $0.31. The coin is currently consolidating and exposed to demand zone of $0.32.
The 21-day EMA is currently crossing the 50-day EMA downside with the coin below the two EMAs farther away from the EMAs indicate that the bearish momentum is high in the XRP market. The Stochastic Oscillator period 14 is below 20 levels (oversold level) with the signal lines twisted to each other indicate that consolidation is ongoing in the XRP market. Further increase in bullish momentum will make the XRP find its high at $0.35 demand zone.
XRP/USD Short-term Trend: Bullish
XRP/USD is on the bullish trend on the short-term outlook. The double top candle pattern is also confirmed on the 1-Hour chart as the coin topped at $0.33 price level on February 19 and February 25. The strong bullish momentum pushed the XRP price up and it broke above the $0.32 and $0.33 price levels.
The consolidation is ongoing on the XRP market on 1-Hour chart. There is a possibility for the pullback before the coin continues its bullish trend in case the bulls defend the supply zone of $0.32. On the other hand, In case the bears lose their momentum and the Bulls increases their pressure, XRP price will incline towards the $0.35 after breaking up the $0.33 price level.
The XRP price is below the 21-day EMA and 50-day EMA and the Stochastic Oscillator is at 70 levels with the signal lines pointing up which indicates buy signal which may be a pullback.