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.

 

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

Overstock Committed to Crypto Even After CEO Patrick Byrne’s Exit

Michael LaVere
  • Overstock said it is "absolutely" committed to crypto in the wake of CEO Patrick Byrne's resignation.
  • Company continues to support its high profile tZERO blockchain project. 

Popularo nline retailer Overstock remains committed to cryptocurrency even after the sudden resignation of its long-time CEO and crypto supporter Patrick Byrne. 

Crypto Supporter Patrick Byrne Resigns

On Aug. 22, Byrne announced he would be resigning his position as CEO following a series of comments made the week before about his involvement in FBI investigations and a romantic relationship with a Russian spy. Shares for Overstock plummeted more than 35% following Byrne’s bizarre comments, but rallied in the aftermath of his resignation. 

Despite making a sudden exit, Byrne had established Overstock as one of the most high-profile companies to support bitcoin and cryptocurrency, a legacy that plans to continue even in his absence. 

Newly appointed interim CEO Jonathan Johnson was asked by Yahoo Finance if the company will retain its focus on crypto and blockchain. 

He said, 

Absolutely, yes. The fledgling blockchain business is doing well.

He continued, 

Our team at Medici Ventures, which is the blockchain-focused business, is still working hard, and those different companies in the Medici family are growing at a nice rate.

Earlier in the month, Overstock reported suffering a 23% decrease in revenue for Q2 2019, despite claiming that the blockchain division was performing well. Overstock operates the notable tZERO platform, which was recently opened to retail investors for trading. In addition, the company announced in July that they would be issuing a digital-equivalent of a dividend for shareholders.