XRPUSD Medium-term Trend: Ranging
Supply Levels: $0.70, $0.65, $ 0.60
Demand levels: $0.40, $0.45, $0.50
Last week, the XRPUSD pair was in a bearish outlook, but the asset sustained the price above $0.60 all through the week. The price of the asset fell from the high of $0.69 to the low of $0.61.The asset was previously in a range bound zone trading between the levels of $0.75 and $0.65. It was assumed that if the support level at $0.65 was broken the price would fall to the low of $0.50.
The asset fell to the low of $0.61 last week and it is currently trading at $0.57 at the time of writing. From the weekly chart, the price of Ripple broke the support level at $0.60 and it fell to the low of $0.57. The Ripple asset had been ranging at the support level of $0.60 for more than five days before the level was broken. The asset is likely to fall to the low of $0.50 if the downtrend continues.
Meanwhile, the relative strength index period 14 is level 14 indicating that the market is oversold – suggesting bulls will take control of the market.
XRPUSD Short-term Trend: Bearish
The price of Ripple is in a bearish market. The asset had been ranging at the support of $0.60 before the price broke the support level and fell to the low of $ 0.57. The price of Ripple will fall again if the downtrend continues.
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