XRPUSD Medium-term Trend: Bearish
- Resistance Levels: $0.56, $0.58, $ 0.60
- Support Levels: $0.30, $0.28, $0.26
The XRPUSD pair was in the bearish trend zone since January 10. On January 10, a large bearish candlestick broke the 12-day EMA, the 26-day EMA and fell to the $0.33 price level. This was the genesis of the $0.33 price level and the range bound movement. What we are waiting for is either a bullish or bearish price breakout.
Meanwhile, the crypto's price is below the EMAs which indicates that the XRP price is likely to fall. Secondly, the stochastic is in the oversold region but below the 20% range which indicates that the price of XRP is in a bearish momentum and a sell signal.
XRPUSD Short-term Trend: Bearish
On the 4-hour chart, the XRP price is in the bearish trend zone. During the same period, the crypto's price had been trading at the $0.33 price level. Nevertheless, if the crypto continues its range-bound movement, traders can trade the range bound movement. If the crypto's price falls and tests the support level, traders should initiate long trades and exit near the resistance level.
On the other hand, if it tests the resistance level, you can initiate a short trade and exit near the support level. Meanwhile, the stochastic indicator is above the 25% range which indicates that the crypto is in a bullish momentum and a buy signal.
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