XRP/USD price Hovers Around $0.28 Price Levels

24 January 2021 | Updated: 24 January 2021
XRP/USD Market January 24

The breakdown of the price at the $0.28 level will make the coin continue its bearish trend towards the support level of $0.21 which may extend to $0.17. The penetration of the $28 level upside will trigger the continuation of the bullish trend towards $0.39, $0.49, and $0.62 price levels.

Key Levels:

Resistance levels: $0.39, $0.49, $0.62

Support levels: $0.28, $0.21, $0.17

XRP/USD Long-term Trend: Ranging

XRPUSD is on the ranging mode in the daily chart. The formation of the “bullish engulfing” candle pattern on January 06 is an indication that the bulls are ready to take over the market. The bulls initiated the upward movement towards the resistance level of $0.28 -$0.29. Along the way, the bulls lose the momentum and the increase is hindered, likewise, the bears’ pressure is not enough to drive the coin downside, then the price commences consolidation at $0.28 level.

XRPUSD Daily chart, January 24

The 9 periods EMA and 21 periods EMA are coming closer to each other and the distance between the two are becoming narrower while the price is hovering over the two.  The breakdown of the price at the $0.28 level will make the coin continue its bearish trend towards the support level of $0.21 which may extend to $0.17. The penetration of the $28 level upside will trigger the continuation of the bullish trend towards $0.39, $0.49, and $0.62 price levels.

XRP/USD medium-term Trend: Ranging

On the medium-term outlook, XRPUSD is ranging. The bullish movement that commenced on January 06 could not continue due to weakness in the bulls’ momentum. The bears’ pressure is equally weak at the moment in the 4-hour chart. In other words, the momentum of Bulls and Bears are at equilibrium.

XRPUSD 4 hour chart, January 24

The 9 periods EMA and 21 periods EMA are interlocked to each other and the price is trading over and around the two EMAs. The relative strength index period 14 is moving zigzag showing no specific direction, this indicates that consolidation is ongoing in the XRP market.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.