XRP Price Analysis – August 23 $XRP

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

XRP Price Medium-term Trend: Ranging

Supply levels: $0.32, $0.33, $ 0.34                                    

Demand levels: $0.30, $0.29, $0.28

The XRP price is in a sideways trend. Yesterday, it was suggested that the price of XRP was likely to reach the high of $0.36 and if it did, it would face resistance at that level. The price actually reached the high of $0.35 and was resisted. The price fell to the low of $0.31 and is in a range bound movement. 

Presently, the cryptocurrency fluctuates between the levels of $0.36 and $0.30. If the bears break the support at $30, the price of the cryptocurrency will find support at $0.27. On the other, if that level holds, traders should initiate long trades at that level. And a stop loss  below the price of $0.30. Then you can exit your trade near the resistance zone at $0.36.

This will enable you to make partials profits.On a daily chart, the MACD line and the signal line are below the zero line which indicates a sell signal. Similarly, the price of XRP is below the 12-day EMA and 26-day EMA   which indicates that a bearish trend is ongoing.

XRP Price Short-term Trend: Ranging   

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View
 

On the 4-hour chart, the XRP price is range bound. The XRP price is ranging at a price of $0.31. Meanwhile, the Relative Strength Index period 14 is level 44  which indicates that price is in the range bound trend zone.

 

 The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.