XRPUSD Medium-term Trend: Ranging
- Resistance Levels: $0.56, $0.58, $ 0.60
- Support Levels: $0.30, $0.28, $0.26
The XRP price had earlier been range bound between the levels of $0.28 and $0.34 since January 10. Recently the crypto’s price is now trading within a tight range between the levels of $0.30 and $0.33. Last week, March 4, the crypto’s price fell to a low of $0.30 and commenced a bullish trend.
The crypto’s price reached a high of $0.32 but was resisted and the price fell below the EMAs to a low of $0. 31. The crypto’s price is now trading below the EMAs. Traders can trade the range bound movement as we wait for a price breakout or price breakdown. The $0.30 price level is now a strong support for the cryptocurrency.
If the price falls and tested the $0.30 price level, traders should initiate long trades and exit either at the $0.32 or $0.33 price level. On the other hand, if the price is being resisted at $0.32 or $0.33 price level; a short trade should be initiated. Meanwhile, the stochastic indicator is out of the overbought region but below the 40 % range which indicates that the XRP price is in a bearish momentum and a buy signal.
XRPUSD Short-term Trend: Ranging
On the 4-hour chart, the XRP price is in a tight range. The 12-day EMA and the 26-day EMA were trending horizontally indicating that the price is in a sideways trend. Traders can initiate short trades at the pointed arrows near the upper price level. Also, traders can initiate long trades at the lower price level as indicated by the arrows.
Meanwhile, the stochastic indicator is out of the oversold region but below the 60 % range which indicates that the XRP price is in a bearish momentum and a sell signal.
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