XRPUSD Ascends to the Premium Level

XRPUSD displayed a bearish displacement in November after the formation of a head and shoulders pattern. The key level at $0.450 provided strong support to prevent the market crash. Eventually, a bearish order block fostered a bearish displacement to $0.330. The market is currently in a correction phase after the impulsive move to $.330. The market has swerved above 50% of the Fibonacci and into the premium level on the daily chart. In the delivery range of $0.5070 to $0.3300, the market traded inefficiently. The displacement created a gap between $0.4500 and $0.4080. The price rise is expected to fill up the region of market inefficiency. A symmetrical triangle is also obvious at $0.4080.

XRPUSD Key Zones

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

 

 

What Are the Indicators Saying?

The Moving Averages (periods nine and twenty-one) are supporting the counter trend move towards the bearish order block at $0.4500. A bullish breakout is expected to lead the market to the supply level at $0.450 as the stochastic gears into the oversold region. The price of Ripple is expected to dive at the strike of the bearish order block at 61.8 percent of the fib level.

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