XRPUSD Medium-term Trend: Ranging
- Resistance Levels: $0.56, $0.58, $0.60
- Support Levels: $0.36, $0.34, $0.32
The XRPUSD pair had continued with its range bound movement in the last ten days. Yesterday, January 3, the XRPUSD pair was in a bearish trend as the crypto’s price fell to the low of $ 0.36. Today, the price has moved up to the $0.37 price level, only to be resisted at the $0.38 price level.
We have to watch out for two critical levels as the price break out from these levels . On the upside, if the bulls break out of the resistance level at $0.38, the price will reach the levels of $0.40 and $0.44. Traders can place a buy stop which is a pending order above the $0.38 price level. Also, a stop loss below the $0.38 price level in case false breakout. On the downside, if the bears break the $0.34 price level, the crypto will find support at either $0.28 and $0.24. Thereafter, traders should look out for buy setups to initiate long trades.
XRPUSD Short-term Trend: Bearish
On the 4-hour chart, the XRP price is in the bearish trend zone. On January 3, the bears broke the 12-day EMA and the 26-day EMA to the low of $0.36. However, the bulls are making a bullish movement to the EMAs. Meanwhile, the stochastic is above the 20% range indicating the XRP price is in a bullish momentum and a buy signal. Also, the crypto’s price is below the 12-day EMA and the 26-day EMA indicating that the price is in the bearish trend zone.
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