Supply zones: $0.34, $0.35, $0.36
Demand zones: $0.33, $0.31, $0.28
XRP/USD Medium-term Trend: Bearish
The cryptocurrency remains on the bearish trend on the medium-term outlook. The bulls were not able to break up the supply zone of $0.34, the XRP price bounces back, rolled down towards the previous low of $0.31 after breaking the barrier at $0.33 price level. There is a confluence in the supply zone of $0.34 and that is what makes the level significant and difficult to break.
The bearish trend remains as long as the price is under the drawn trend line and under the 50-day EMA. It seems the coin is carrying out retest on the broken levels before it continues its downtrend movement and that is why there are rejections at the trend line point.
XRP/USD is currently in-between the 21-day EMA and 50-day EMA; this is a signal that the bulls are making effort to take over the XRP market but opposed by the strong resistance. The Stochastic period 14 is above 40 levels with the signal line pointing upside which indicates buy signal. In case the bulls penetrate the trend line and the supply zone of $0.34 and the bullish candle close above it, then XRP will move up and may have its target at $0.35 – 40.36.
XRP/USD Short-term Trend: Bearish
XRP/USD is equally bearish on the medium-term outlook. The XRP has touched the drawn trend line two times turning the bullish candle to upper long-tail pin bar candle which returns the price to the former lows.
The XRP price declined towards the $0.31 demand zone on January 15, the pin bar candle formed after the long bearish candle changed the price direction towards the north and broke up the $0.33 price level. The XRP price is currently trading above the 21-day EMA and 50-day EMA which indicates the bulls are gradually increasing their momentum. However, the stochastic Oscillator period 14 is at the overbought level (80 levels) with its signal line pointing to the south connotes sell signal.
The post Price Analysis: Bullish pressure is Gradually Increasing in the XRP Market appeared first on ZyCrypto.