XRPUSD Medium-term Trend: Bearish
- Resistance Levels: $0.56, $0.58, $ 0.60
- Support Levels: $0.30, $0.28, $0.26
Last week, the XRPUSD pair tested the resistance and support levels as the crypto was in the bearish trend zone. At the resistance level, the bulls tested the $0.34 price level and the bears pulled back the price. On January 20, the bears broke the 12-day EMA, the 26-day EMA and teh price fell to the $0.32 price level.
Nevertheless, on the downside, if the bearish pressure continues, the crypto is likely to fall to either the $0.28 or $0.29 price level. On the other hand, if the support level hold, traders should initiate long trades at the $0.32 price level. Then a stop loss at the $0.28 price level. Meanwhile, the crypto’s price is ranging at the $0.32 price level.
The XRP price is below the EMAs which indicates that it is likely to fall. Also, the stochastic is in the oversold region but below 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 1-hour chart, the XRP price is in the bearish trend zone. Yesterday, the crypto’s price fell to the support at the $0.32 price level and the crypto commenced a bullish movement to break the EMAs. The XRP price has been resisted by the 12-day EMA. The crypto’s price is below the EMAs but the above the $0.32 price level.
If the $0.32 price level is broken the crypto will further depreciate. But if the level holds, the XRP price will continue its range bound movement between the levels of $0.32 and $0.34. Meanwhile, the stochastic indicator is below the 50% range which indicates that the crypto is in a bearish momentum and a sell signal.
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