Supply zones: $0.33, $0.35, $0.38

Demand zones: $0.31, $0.28, $0.24

XRP/USD is on the bearish trend on the 4-Hour chart. The cryptocurrency started sideways movement on December 29 within the range of $0.38 and $0.35 price level up till January 10 when the bears gained more momentum and were able to break the lower range of $0.35 with the formation of the bearish engulfing candle. Further declination of XRP price to the $0.33 price level was noticed as more bearish candles have emerged. The $0.33 price level was broken and it commenced consolidation from January 10 – 13 before the price was extended towards $0.31.

The cryptos are currently carrying out pullback as the XRP price is below the 21-day EMA and 50-day EMA which implies that the bears are in control of the XRP market. The Relative Strength Index period 14 is above 30 levels with signal lines pointing upward indicates buy signal. Traders should note that It is not advisable to place buy trade setup as this scenario may be a pullback before it continues its bearish trend.

On the 1-Hour chart, XRP/USD is also on the bearish trend. The massive bearish candle formed on the 10th of January pushed the coin from the top of the two EMAs down below the 21-day EMA and 50-day EMA which implies the changing from the uptrend to downtrend on the 1-Hour chart. Shortly after that, the cryptocurrency started consolidating at $0.33 price level. On the 13th of January bearish pressure extended the XRP price towards the demand zone of $0.31

The two EMAs are well separated and XRP/USD is trading below 21-day EMA and 50-day-EMA indicating the bears’ pressure on the XRP market. The Relative Strength Index period 14 is below 60 levels with the signal line pointing up connotes buy signal.

The post XRP Price Analysis: Currency Looks set to Break Out Of The Bears Grip appeared first on ZyCrypto.

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