XRP/USD May Face Bullish Breakout Towards $0.42

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Photo: Shutterstock

Photo: Shutterstock

Key Highlights:

  • XRP price is ranging within descending triangle;
  • the bearish breakout may drop the price at $0.35 level;
  • the bullish breakout may place the price at $0.42 level.

XRP/USD Price Medium-term Trend: Ranging

Supply levels: $0.42, $0.46, $0.49
Demand levels: $0.39, $0.35, $0.29

XRP/USD is ranging on the medium-term outlook. On June 11, XRP/USD was below $0.39 price level, the bullish engulfing candle formed on the same day increases the strength of the Bulls, the coin price was pushed up to break the barrier at $0.39 level.

XRP price equally breaks up the dynamic resistance level and moved up towards the $0.46 level. The bulls’ strength became weak and could not reach the $0.46 level. The Bears’ momentum was weak as well and the coin started consolidating at $0.39 level. XRP price formed descending triangle

The two EMAs are flat horizontally at $0.39 level and the two are close to each other with the coins hovering over the 21 periods EMA and 50 periods EMA which indicates that consolidation is ongoing. The Moving Average Convergence Divergence period 12 with its histogram is horizontally flat at zero levels and the signal lines close to each other and remain flat at the level which connotes that consolidation may continue for short time.

The coin is already exposed to $0.42 level; further increase in the Bulls’ momentum may push the coin to reach the target of $0.46 level. Should the Bears have enough pressure to break down the demand level of $0.39, XRP price may descend to the previous low level of $0.35.

XRP/USD Price Short-term Trend: Ranging

XRP/USD continue its ranging in the short-term outlook. The price action on the 1-hour chart has led to the formation of a descending triangle pattern. XRP price is ranging within the triangle. The breakout is imminent and it depends on the momentum of the Bulls or the Bears. The Bullish breakout may place the price at $0.42 level while the bearish breakout may drop the price at previous low at $0.35.



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