XRPUSD Price Analysis – August 11

Breakout is imminent in the Ripple market; the breakup of the supply level of $0.31 by the Bulls will make the coin rally towards $0.35 price level. In case the Bears break down the demand level of $0.29, it may decrease the price to $0.27.

XRPUSD Market:

Key Levels:

Supply levels: $0.31, $0.35, $0.39
Demand levels: $0.29, $0.27, $0.24

XRP/USD Price Medium-term Trend: Ranging

On the medium-term outlook, XRP/USD is bearish. The bearish momentum placed the XRP price at the demand level of $0.29 on July 19. The Bears’ momentum became weak and could not break down the demand level of $0.29. The Bulls attempted to push up the price but it was resisted by the dynamic resistance level of 21 EMAs at $0.31 level. The coin commenced consolidation within the range of $0.31 supply level and $0.29 demand level since July 17.

XRPUSD daily chart, August 11

XRP price has crossed the two EMAs downside meaning that it is trading below the 21 periods EMA and 50 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 Stochastic Oscillator period 14 is at 20 levels with the signal lines bending up which connotes buy signal. Breakout is imminent in the Ripple market; the breakup of the supply level of $0.31 by the Bulls will make the coin rally towards $0.35 price level. In case the Bears break down the demand level of $0.29, it may decrease the price to $0.27.

XRP/USD Price short-term Trend: Bearish

On the short-term outlook, XRPUSD is bearish. The Bears exerted more pressure on the $0.31 level (the level where it was consolidating a few days ago) and broke down the level. The price declined to the demand level of $0.29 where short consolidation was performed. The price is attempting to reverse at the demand level of $0.29.
XRP price is trading between the 21 periods EMA and 50 periods EMA which indicates a gradual increase in the Bulls’ momentum.

XRPUSD 4-hour chart, August 11

The Stochastic Oscillator period 14 is at 60 levels with the signal lines pointing up to indicate a buy signal.

Please note: cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Azeez M. Mustapha

Azeez M. Mustapha

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management.
e-mail: [email protected]



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