2019-1-22 10:27 |
XRP/USD Medium-term Trend: Ranging Resistance Levels: $ 0.61, $0.63, $ 0.65 Support Levels: $0.32, $0.30, $0.28
Yesterday, January 21, the XRP price was in the bearish trend zone. Since on January 10, the crypto’s price had been ranging between the levels of $0.32 and $0.34. On January 14 and 19, the bulls tested the $0.34 price level and was resisted. Similarly, on three occasions, the bears also tested the $0.32 price level and was repelled.
Today, the crypto’s price is testing the support level and it is making an attempt to break it. If the bears break the $0.32 price level, the crypto will find support at the $0.29 price level. On the other hand, if the level holds, traders should initiate long trades at the lower price level in anticipation of a bullish trend. Meanwhile, the stochastic indicator is out of the oversold region but above the 20% range indicating that XRP price is in a bearish momentum and a sell signal.
XRP/USD Short-term Trend: BearishOn the 1-hour chart, the XRP price is in a bearish trend zone. The crypto’s price is trading above the $0.32 price level but below the EMAs. The 12-day EMA is acting as a resistance to the crypto’s price.
The lower time frame is also characterized by small body candlesticks like the Doji and Spinning tops which described the indecision of buyers and sellers at the $0.32 price level. Meanwhile, the stochastic is out of the oversold region but above 20% range indicating that the crypto is in a bearish momentum and a sell signal
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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