XRPUSD Medium-term Trend: Ranging
- Resistance Levels: $0.56, $0.58, $ 0.60
- Support Levels: $0.29, $0.27, $0.25
On January 29, the XRP price fell and revisited the previous low of $0.28. The crypto’s price has gone back to its previous range bound movement. The crypto’s price ranges between the levels of $0.30 and $0.33. At this early stage, you can trade the key levels if the crypto continues its range bound movement.
If the crypto’s price tests the resistance level, you should initiate a short trade and exit near the support zone. Presently, the XRP price is trading at the $0.30 price level. If the price falls and tests the support line without breaking it, traders should initiate long trades. Then you exit near the support zone. Meanwhile, the stochastic band has reached and touched the oversold region, and it is below the 20% range.
This indicates that the price is in a strong bearish momentum and a sell signal.
XRPUSD Short-term Trend: Ranging
On the 1-hour chart, the XRP price is in the bearish trend zone. Since January 30, the XRP price has returned to its previous range bound movement. The price reached and tested the resistance level at $0.33 but the bears pulled the price back into the range-bound levels. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
The crypto’s price is below the EMAs which indicates that the price is in the bearish trend zone.
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