Supply zones: $0.484, $0.503, $0.564,
Demand zones: $0.439, $0.413, $0.377
XRP/USD Medium-term Trend: Ranging
XRP/USD continues ranging in its medium-term outlook. The coin has been in a ranging trend for more than ten days within the supply zone of $0.484 and the demand zone of $0.439. It all started shortly after the events of October 15. All effort by the bulls to break out the supply zone of $0.484 on October 23 was terminated by the Bears’ pressure.
Bearish engulfing candle formed by the bears on October 29 could not break the demand zone of $0.439 downside because of the bulls’ momentum. The momentum of both bears and bulls are at equilibrium, one of the characteristics of ranging trend market.
XRP price is trading on 21-day EMA and 50-day EMA; the two EMAs are closed together with 50-day EMA on top of 21-day EMA confirming consolidation. The MACD indicator with its short histogram on zero level and its signal lines parallel to zero level indicates consolidation is ongoing. Only a forceful break out to the north by the bulls or to the south by the bears can bring the significant rally to the XRP market. Traders may watch out for the breakout.
XRP/USD Short-term Trend: Ranging
On the 1-Hour chart, XRP/USD continues its choppy trend. When the pair rallied to the north by the formation of massive strong bullish candles on October 23, moved towards $0.484 price level. The bears forbid its uptrend movement with the formation of bearish pin bar. The bears and bulls have been struggling over the XRP market.
The coin is trading on 21-day EMA and 50-day EMA all along which indicates an ongoing ranging market. The MACD with its histogram were on zero level with its signal lines interwoven to each other, an indication of a ranging market. Breaking out is imminent, traders should be patience.
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