Ripple (XRP) Price Turns Down, May Likely Move Up

Ripple (XRP) Price Turns Down, May Likely Move Up

Key Resistance Levels: $0.30, $0.40, $0.45
Key Support Levels: $0.25, $0.20, $0.15

XRP/USD Long-term Trend: Bullish
Today, XRP dropped to a low of $0.2049, and further decline is likely. On January 6, XRP had a price breakout and the price reached a high of $0.22. The bulls could not sustain the upward move as they were repelled. This clearly explains that Ripple lacks buying power at the upper price level.

At the current low, the selling pressure may continue because the bulls made a retest at $0.2075 before resuming the downward fall. Ripple may find support at a low of $ 0.2000. The downtrend will resume if the $0.2000 low cracks. We expect the market to reach a low of $0.19 or $0.18. On the upside, the upward move is possible if the bulls defend the $0.2000 support level and it holds. We expect the bulls to retest the $0.22 resistance and rally above $0.23 price level.

XRP/USD - Daily Chart

Daily Chart Indicators Reading:
The market is trading below 80% range of the daily stochastic. This indicates that Ripple is in a bearish momentum. Previously, the price bars were above the 21-day SMA and the 50-day SMA indicating the upward move. As XRP is falling, a break below the EMAs indicates that the downtrend has resumed.

XRP/USD Medium-term Prediction: Bullish
On the 4-hour chart, the market was trading below $0.20 resistance level. The bulls also attempted the resistance on four occasions before the actual breakout. The price breaks the resistance at $0.20 before reaching the highs of $0.22. Nonetheless, the selling pressure was overwhelming as the price fell to a low of $0.20.

XRP/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The price breaks the resistance line and fell back to the channel. The Relative Strength Index (RSI) period 14 level 45 indicates that the coin is in the range-bound zone. The price is likely to fluctuate in the channel before another breakout.

General Outlook for Ripple (XRP)
Ripple (XRP) has fallen to a low of $0.20. The selling pressure has been temporarily suspended as the price consolidates. Ripple is likely to hold at the current support. The current support at $0.20 was the previous resistance level. If the support does hold, XRP will rise.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: Buy
Entry price: $0.20
Stop: $0.10
Target: $0.23

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.