XRP (XRPUSD) Price Forecast: August 24
The XRPUSD price may rise soon to end the current selling pressure. If the buy traders could add more energy to their buying forces, the coin may resume an uptrend to break up the $0.94799 supply level soon. Its, upsides could extend further, then we can expect a shift in trend to reach a $1.00000 high level.
Key Levels:
Resistance Levels: $0.70000, $0.8000, $0.9000
Support Levels: $0.5000, $0.40000, $0.3000
XRP (USD) Long-term Trend: Bearish (Daily Chart)
XRP portrays a bearish market trend in its long-term outlook. The price responded to the shift in the market structure and is currently below the moving averages. This is due to the high inflow of the sell traders.
The sustained pressure from the bears to the $0.52467 support level during yesterday’s session has made the pair remain below the supply trend levels in its recent low.
Actions from the bears further dropped the coin price down to a $0.51440 support level below the two EMAs as the daily chart resumes today
Hence, should buyers step into this uncertainty, the coin price may rise back above a $0.94799 high value which would render any further bearish pressure invalid.
Meanwhile, further downsides are unlikely as the market price of XRPUSD has reached the oversold region. The coin will rise soon, so we can now grow in confidence that a potential buy is coming near.
If this is achieved, the price jump could hit the 1.00000 resistance level, indicating a strong supply zone for a potential BUY in its higher time frame.
XRP (USD) Medium-term Trend: Bearish (4H Chart)
On the medium-term outlook, prices of XRP are below the moving averages and have confirmed a bearish momentum breaking down the previous low.
The crypto price has been below the supply trend levels since its most recent low due to the persistent bearish pressure over the last few hours.
Actions from the bears dropped the coin price down to a $0.51440 support level below the two EMAs as the 4-hourly chart resumes today.
Thus, the anticipated bullish reversal could kick start a new recovery cycle and may push the price of XRPUSD to rise above the $0.74684 price level
Hence, the price of XRP will rise soon as the market selling pressure seems exhausted, should buyers exchange hands with the sell traders and close above the $0.74684 resistance value, additional intraday gains would be recorded for the buy investors and the crypto price may rise to the $1.00000 upper high level in the days to come in its medium-term outlook.
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