XRP Price Analysis – February 8

  •  The crypto’s price has been ranging at $0.29 for the past three days.
  • If the crypto’s price continues to range at the $0.29, then a price breakout or price breakdown is imminent.

Ripple, XRPUSD, CryptoCompare chartXRP Chart By Trading View

XRPUSD Medium-term Trend: Bearish

  • Resistance Levels: $0.56, $0.58, $ 0.60
  • Support Levels: $0.28, $0.26, $0.24

The XRP price is in the bearish trend zone. The crypto’s price has been ranging at the price of $0.29 for the past three days. The price could have reached the previous low of $0.28 in the past three days. The price action is characterized by small body candlesticks like the Doji and spinning tops describing the indecision of buyers and sellers at the $0.29 price level.

On January 31, the bulls tested the trend line and failed to break above it. The XRP price continues its downward trend. However, if the crypto’s price continues to range at the $0.29, then a price breakout or price break down is imminent. Meanwhile, the stochastic band is in the oversold region and below the 20% range.This indicates that the XRP price is in a strong bearish momentum and a sell signal.

XRPUSD Short-term Trend: Bearish

Ripple, XRPUSDXRP Chart By Trading View

On the 4-hour chart, the XRP price is in the bearish trend zone. On February 7, the crypto’s price fell to the low of $0.29 to commence a range bound movement. The 12-day EMA is resisting the small body indecision candlesticks. Today, a bullish candlestick has broken the 12-day EMA and it is approaching the 26-day EMA.

If the bulls break above the EMAs and price is sustained above the EMAs, then the crypto will revisit the $0.33 price level. Meanwhile, the stochastic is out of the oversold region but above the 40% range.This indicates that the XRP price is in a bullish momentum and a buy signal.

 

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