Further increase in price was resisted by the Bulls at the upper trend line of the channel. The price rolled down below $0.39 level to touch the lower trend line after which it started consolidating at $0.39 level.
XRP/USD Price Medium-term Trend: Bearish
Supply levels: $0.42, $0.46, $0.49
Demand levels: $0.39, $0.35, $0.29
On the medium-term outlook, XRP/USD is bearish. XRPUSD is under the Bears’ pressure and the coin has been bearish. The price is descending making lower lows on the medium chart. The price action has formed a descending channel on the 4-hour chart. On June 04, the price touched the demand level of $0.39. The price pulled back to the broken level of $0.42. Further increase in price was resisted by the Bulls at the upper trend line of the channel. The price rolled down below $0.39 level to touch the lower trend line after which it started consolidating at $0.39 level
The 21 periods EMA has crossed 50 periods EMA downside as an evidence of bearish trend and the XRPUSD are trading below the two EMAs. The Moving Average Convergence Divergence period 12 with its histogram is horizontally flat at zero levels and the signal lines interlocked to each other and remain flat at the level. In case the Bears increase their momentum, the coin will decrease further towards the previous low of $35.
XRP/USD Price short-term Trend: Ranging
On the short-term outlook, XRPUSD is consolidating. The Bulls’ price and the Bears’ price are at equilibrium and that is what led to consolidation at the demand level of $0.39. It has formed a descending channel pattern on the 1- hour chart.
The price is trading over and below the 21 periods EMA and 50 period EMA, the two EMAs are interlocked to each other which indicates further consolidation for a short period of time. The MACD period 12, with its histogram, is flat at the level and are level.