XRPUSD Medium-term Trend: Bearish
Supply Levels: $0.58, $0.59, $ 0.60
Demand levels: $0.56, $0.55, $0.54
Last week, Ripple was in a bullish market. The asset rose from the low of $0.64 to the high of $0.68. The asset was expected to break the resistance at $0.70 but was resisted by the bears. Today, the asset is currently trading at $0.56 as at the time of writing. From the weekly chart, the asset fell from the high of $0.67 to the low of $0.56. One of the reasons why the asset fell was its inabillty to break the resistance level.
There are fears that the asset will slide down further to the lows of $0.55 and $0.50. However, after the initial bearish breakout, the asset went into range bound movement. Meanwhile, the relative strength index period 14 is level 49 indicates that price of the asset is in the range bound zone.
XRPUSD Short-term Trend: Bearish
On the daily chart, price of Ripple is in a bearish trend. The asset ranges from the low of $0.56 to $0.59. later, it came down to $0.56 and resumed its range bound movement. If the bearish pressure continued, the demand levels would be breached.
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