- XRP/USD market has managed to break down its recent key technical mark at $0.26 to average a low $0.22 demand zone.
- The XRP/USD sellers are yet a bit tougher in exerting pressure on the crypto-market.
- Traders should be cautious of not unnecessarily getting trapped, shorting their positions below a $0.26 trading zone.
Ripple (XRP) Price Analysis
- Major supply zones: $0.28, $0.30, $0.32
- Major demand zones: $0.22, $0.20, $0.18
XRP/USD market has managed to trade past its recent range-bound formation around $0.26 mark to average the $0.22 demand zone. The US dollar now slightly pushes below $0.24 line to shape the XRP/USD trade trend in a relatively bearish outlook.
For the time being, the XRP/USD sellers are now a bit tougher in their bid to exerting pressure on the crypto-market. Now that a southward breach of the $0.26 mark has eventually achieved, the pair expects to locate support at the $.24 trading spot. At this point in trading, the bears should be wary of not getting whipsawed anywhere from that.
Ripple Technical Indicators Reading
The SMA trading indicators bend southwardly with the XRP/USD market. The 50-day SMA trend-line is on top of the 14-day SMA trading indicator with a space between them. The bears are likely to consolidate their moves for a long time before being able to get past the recent critical mark at the $0.26. The Stochastic Oscillators now consolidates around range 20 and partially in the oversold region. And, they point briefly to the south around the 20 range spot to signal that the bears’ efforts aren’t yet faded off completely.
The XRP/USD market value at $0.26 remains the key point to fully clear the path for the pair’s recovery moving bid afterward. But, as at the time of writing, it is trading around the $0.24 value. Meanwhile, if the bears put more pressures in their consolidation moving mode, a $0.20 lower point will be in focus. Like wisely, there is a need to be wary of not getting trapped unnecessarily while going further short in the market at this time.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.