XRP Price Analysis – January 16

  • The XRP price has consolidated at the $0.33 price level in the last five days.
  • If the bulls break above the $0.33 price level, the crypto will retest the $0.38 and $0.40 price levels. 

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

XRPUSD Medium-term Trend: Bearish

  • Resistance Levels: $0.56, $0.58, $ 0.60
  • Support Levels: $0.30, $0.28, $0.26

The XRPUSD pair is in the bearish trend zone as the price consolidates at the $0.33 price level. The XRP price is in a tight consolidation as the price fluctuates between the levels of $0.31 and $0.33. The crypto's price is below the 12-day EMA and the 26-day EMA  which indicates that the XRP price is bearish.

The small body candlesticks like the Doji and Spinning tops candlesticks describe the indecision of buyers and sellers at the $0.33 price level. On the downside, if the crypto trades and the bears break the $0.31 price level, the crypto will find support at the $0.29 and the $0.26  price levels. Presently, the bulls are being resisted at the $0.33 price level.

If the bulls break above the $0.33 price level, the crypto will retest the $0.38 and $0.40 price levels.  Meanwhile, the stochastic indicator is in the oversold region but below the 20% range which indicates that the XRP price is in a strong bearish momentum and a buy signal.                                                     

XRPUSD Short-term Trend: Bearish

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

On the 4-hour chart, the XRP price was in the bearish trend zone as price retraced from the recent high. On January 15, the crypto's price fell to the low of $0.33 and commenced a range bound movement. Also,  the stochastic indicator is below the  50% range which indicates that the crypto is in a bearish momentum and a sell signal.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.