XRPUSD Experiences a Bullish Shift in Market Structure

Ripple has been down-trending since the bearish whales in the market triggered buy stops above $0.5070. A false breakout above $0.5070 appeared to be a stop hunt to use buyers as a liquidity pool to short the market. Immediately after the consolidation between the major levels of $0.5070 and $0.4500 was over, a bearish displacement crashed the market to $0.3300. An unmitigated order block currently lies at $0.4500. The market has taken off from the $0.3300 key level. The most recent high did not hold, hence a bullish shift in market structure has been observed in the price action.

Ripple Key Levels

Supply Levels: $0.4080, $0.4500, $0.5070
Demand Levels: $0.3620, $0.3300, $0.3200

What Are the Indicators Saying?

The market is currently ascending as the MACD (Moving Averages Convergence and Divergence) indicator has moved away from the oversold region. The Moving Averages (periods 30 and 50) have crossed to signify an uptrend. The buyers still have to contend with the bearish trend line. If the trendline is successfully broken, a retest is expected to foster an ascent. The price is expected to soar to the previous order block in the major zone at $0.4500.

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