Today, May 17, Ripple (XRP) price is on the bearish trend in the medium-term outlook. XRP was in a bullish trend last week, nevertheless, the bullish trend broke up $0.35, $0.39, $0.42 levels and eventually placed the coin at $0.46 supply level. Yesterday, a bearish reversal candle pattern called inverted pin bar formed; which indicates that the bullish trend may turn bearish and also the arrival of the Bears with higher momentum.
Following the pin bar is the formation of a strong bearish candle, the bearish pressure increased and the price of Ripple fell towards $0.35 level after it passed through the barriers at $0.42 and $0.39 levels.
XRP price is trading in between the 21 periods and 50 periods Exponential Moving Averages with strong bearish candles. The Stochastic Oscillator period 14 is at 20 levels with the signal lines pointing down which implies strong sell signal. Moreover, the decrease in Ripple price is highly envisaged. Increase in the Bears’ pressure will definitely decrease XRP price which may break the $0.35 level and target $0.32 levels. If the $0.35 level holds, XRP price may bounce and resume a bullish trend
On the short-term outlook, XRPUSD price is on the downtrend zone. Last week Bullish momentum placed the coin at $0.46 level. Shortly afterward, a candle pattern called evening star emerged; this bearish reversal candle pattern pushed the price to reach $0.39 level on May 16, price retracement was carried out to retest the broken level.
In the meantime, XRP price is approaching $0.35 demand level, a potential bounce zone. XRP is trading below the 21 periods EMA and 50 periods EMAs and the Stochastic Oscillator period 14 is at 30 levels with the signal lines pointing down which indicates a sell signal.
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