XRP Price Update: Currency is Gathering Momentum for Bullish Breakout

Supply zones: $0.32, $0.34, $0.36

Demand zones: $0.30, $0.28, $0.26

XRP/USD Medium-term Trend: Ranging

On the medium-term outlook, XRP/USD is on the ranging trend. On February 25, the bears took over the XRP market by forcefully pushed the XRP price from the high of $0.34 towards $0.32 price level. The bearish pressure broke down the $0.32 price level, eventually found its low at $0.30 price level.

The Bulls prevented a further decrease in the price of XRP price by the formation of a bullish engulfing candle which pushed up the coin towards $0.32. The bulls were unable to break up that level, then, sideways movement commenced.

The XRP started trading directly on and around the 21-day EMA and the 50-day EMA in which the two EMAs are interlocked to each other horizontally flat without direction which confirms that consolidation is ongoing in the XRP market.

However, the Relative Strength Index period 14 is at 50 levels with the signal line pointing down which indicates sell signal. In case the demand level of $0.30 holds the bulls will push the coin to break up the supply level of $0.32 and expose the $0.34 price level.

XRP/USD Short-term Trend: Bearish

XRP/USD is on the bearish trend on the short-term outlook. There was a sudden bullish breakout on March 13 after several days of consolidation on 1-Hour chart. The strong massive bullish candle formed penetrated the supply zone of $0.32 upside and the XRP price was heading towards $0.34 price level before it was interrupted by the bears. The bearish upper long tail candle was formed which indicates the influx of sellers into the XRP market. Since then the coin has been declining towards the south.  

Forecast

The crypto has already broken down the two EMAs and it is trading below the EMAs with more bearish candles emerging. There is a high possibility that XRP will experience a bullish breakout as the Relative Strength Index period 14 is confined to the 50 levels with signal line bending up. Nevertheless, XRP price may have its holding target at $0.31-$0.35.


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