khareem sudlow
Jun 19, 20191 min
XRP/USD topped at $0.46 price level;
the price bounced off the supply level at $0.46;
XRP dropped to the demand level of $0.42.
Supply levels: $0.46, $0.49, $0.54
Demand levels: $0.42, $0.39, $0.35
The Bullish pressure extended towards the supply level of $0.46. The level held the price and the Bears opposed the increase in the price of the XRP. A Doji candle formed followed by a strong bearish candle and XRP price is currently testing the demand level of $0.42
Should the Bulls defend the demand level of $0.42, they may resume and continue the bullish trend. In case the level does not hold and the Bears’ strength is able to break down the level, then, XRP price may reach $0.39 level. However, the price is trading above the 21 periods EMA and the 50 periods EMA as evidence of a bullish trend. The Stochastic Oscillator period 14 is above 20 levels with the signal lines pointing down which connotes sell signal.
The Bears prevented further increase in price with the formation of an evening star candle pattern (a bearish reversal candle pattern). XRP price penetrated the two EMAs downside and touched $0.42 level.
XRP price may reverse at the demand level of $0.42 as the Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up which indicates buy signal.
XRP Price Analysis: XRP/USD Reached $0.42, Potential Reversal Level
via https://www.ohnocrypto.com Azeez Mustapha, Khareem Sudlow