XRP Price Analysis – January 23

  • The XRP price forms a price block at the $0.32 price level.
  • On the downside, if the crypto's price is resisted by the EMAs, the crypto will continue its range-bound movement.

Ripple, XRPUSD, CryptoCompare chartXRP Chart By Trading View

XRPUSD Medium-term Trend: Ranging

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

The XRP price is now fluctuating below and above the support level at $0.32 price level. The moving averages are now resisting the price movement. On January 20, the crypto’s price dropped to the low of $0.32 and commenced a range bound movement at the support level. The following day the bulls took price to the high of $0.32 which was resisted by the 12-day EMA.

On January 22, the bulls were also resisted by the 26-day EMA as the crypto’s price traded at the $0.32 price level. The crypto’s price is below the EMAs and it is ranging at the $0.32 price level in the last four days.The blue band of the stochastic is pointing downward indicating that the price is likely to fall. The moving averages are also pointing downward.

If the bulls break the EMAs and the price is sustained above it, the XRP price will reach the highs of $0.34 and $0.40. On the other hand, if the price is resisted by the EMAs, the range-bound movement will continue.

XRPUSD Short-term Trend: Ranging

Ripple, XRPUSD, CryptoCompare chartXRP Chart By Trading View

On the 1-hour chart, the XRP price is in the sideways trend zone. On January 20, the bears brought price to its low at $0.32. The XRP price had been trading in the support zone in the last four days. The crypto’s price block at the $0.32 price level seems to be unending. Meanwhile, the stochastic indicator is below the 40% range which indicates that the crypto is in a bearish momentum and a sell signal.

Also, the XRP price is below the 12-day EMA and the 26-day EMA which indicates that the crypto is in the bearish trend zone.

 

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