XRPUSD Medium-term Trend: Ranging
- Resistance Levels: $0.56, $0.58, $ 0.6
- Support Levels: $0.36, $0.34, $0.32
Last week, December 24, the XRP price was in a bullish trend. The crypto's price reached the high of $0.46 but faced resistance at the $0.45 price level. Thereafter the crypto's price fluctuated below and above the 12-day EMA and the 26-day EMA. Presently, the crypto's price is above the EMAs, but it is in a bearish trend.
If the XRP price breaks the 12-day EMA and the 26-day EMA, it is likely to fall to the lows of $0.29 and $0.33. Meanwhile, the stochastic indicator is out of the overbought region but approaching the 40% range.
XRPUSD Short-term Trend: Ranging
On the 4-hour chart, the XRP price is in a sideways trend. On December 25, the crypto's price fell to the low of $0.37 and was range bound between the levels of $0.33 and $0.40. On December 26, the crypto's price tested the resistance at $0.40 and it fell to the low of $0.34. The same price action was recorded at their respective arrows.
Therefore, traders should initiate short trades at the upper price level and exit near the lower level of price range. At the support level ,you initiate long trades and exit your trades near the upper level of price range. Meanwhile, the stochastic indicator is approaching the oversold region below the 20% range.
The XRP price will be in a strong bearish momentum if the stochastic bands fall into the oversold region.
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