XRPUSD Remains Stuck in a Short-Term Consolidation

Share On Facebook
share on Linkedin

Ripple switched to a bullish trend since the launch from the $0.3300 demand level. A dragonfly-shaped Doji candlestick showed the rejection from the $0.3300 support zone. Initially, the market rose towards the bearish order block at $0.450 but was halted at the $0.408 key level. The second attempt was initiated as the year started. In January, the bearish trendline was invalidated by the bulls. The buyers are currently experiencing difficulty pushing through the 0.4080 demand level. The sideways array of the daily candles shows the consolidation. XRPUSD remains stuck in a short-term consolidation above the descending trendline.


XRPUSD Key Zones

Demand Zones: $0.3300, $0.3010, $0.2900
Supply Zones: $0.4080, $0.4500, $0.5070

Xrpusd Remains Stuck in a Short-Term Consolidation

What Are the Indicators Saying?

The Moving Averages periods (nine and twenty-one) crossed after the prominent rejection candle was noticed in January. The Stochastic also swerved from the oversold region after the rejection candle formed. This fostered the rise in the price of Ripple. The Stochastic is currently moving to the oversold region as the market retraces back to the descending trendline. The bulls are expected to utilize the opportunity to break the consolidation. The second retest is expected to shoot the price above $0.408 key level.

Learn from market wizards: Books to take your trading to the next level


CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20230331 02:15:09