Bears dominte XRPUSD market
The breakup of the resistance level of $0.35 by the Bulls will make the XRPUSD rally towards $0.36 price level. In case the Bears break down the support level of $0.33, it may decrease the price to $0.32.
XRPUSD Price Analysis – August 24
Supply levels: $0.35, $0.36, $0.37
Demand levels: $0.33, $0.32, $0.30
XRP/USD Price Medium-term Trend: bearish
On the medium-term outlook, XRPUSD is bearish. The coin was bullish last week, the bullish momentum placed the XRP price at the resistance level of $0.37 on August 17. The Bulls’ momentum became weak and could not break up the supply level of $0.29. The Bulls attempted to push up the Ripple but it was resisted by the bears’ pressure. The coin commenced a bearish trend that reduces the price to support level of $0.33.
Ripple has crossed the two EMAs downside meaning that it is trading below the 9 periods EMA and 21 periods EMA. The price is closer to the EMAs which is parallel horizontally to the $0.31 price level to indicate that XRP price is on the ranging mode. The Relative Strength Index period 14 is at 39 levels with the signal lines bending down which connotes sell signal. Breakout is imminent in the Ripple market; the breakup of the resistance level of $0.35 by the Bulls will make the coin rally towards $0.36 price level. In case the Bears break down the support level of $0.33, it may decrease the price to $0.32.
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XRP/USD Price short-term Trend: Bearish, the outlook on Tamadoge is bullish
On the short-term outlook, XRPUSD is bearish. The Bears exerted more pressure on the $0.36 level (the level where it was consolidating a few days ago) and broke down the level. The price declined to the demand level of $0.34 where consolidation is ongoing at the moment.
XRP price is trading around the 21 periods EMA and 9 periods EMA which indicates a ranging movement in XRP market. The relative Strength index period 14 is at 48 levels with the signal lines pointing up to indicate a buy signal.
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