XRPUSD Is Struggling to Break Up a Confluence at $0.36 Level

10 January 2021 | Updated: 10 January 2021
XRP/USD Market January 10

Further increase in the bulls’ pressure may penetrate the resistance level of $0.36 level; the price may increase to $0.39 and $0.46. In case the resistance level of $0.36 holds, the price may reverse and the support levels of $0.29, $0.20, and $0.16 may be tested.

Key Levels:

Resistance levels: $0.36, $0.39, $0.46
Support levels: $0.29, $0.20, $0.16

XRP/USD Long-term Trend: Bullish

XRPUSD is on the ranging mode in the daily chart. Five days ago, the coin was range-bound within the resistance level of $0.25 and the support level of $0.20. XRPUSD started the ranging movement on December 30. The bulls gained momentum to break up the resistance level of $25 and the price was pushed up to test $0.32 level. The price is consolidating at the resistance level of $0.36.

XRPUSD daily chart, January 10

The coin is struggling to break up the confluence at the resistance level of $0.36, the 9 periods EMA is below 21 periods EMA with the price directly on 21 periods EMA. Further increase in the bulls’ pressure may penetrate the resistance level of $0.36 level; the price may increase to $0.39 and $0.46. In case the resistance level of $0.36 holds, the price may reverse and the support levels of $0.29, $0.20, and $0.16 may be tested. However, the price retains its trading above two EMAs. The relative strength index period 14 is at 50 parallel with the level to indicate that consolidation is ongoing.

XRP/USD Medium-term Trend: Ranging

On the medium-term outlook, XRPUSD is on the ranging mode. The coin broke out of the first stage of consolidation on January 07; the ranging movement was within $0.20 and $0.25 level. The price increases to test the resistance level of $0.36 and pulls back to retest $0.29 level but unable to penetrate the level. The coin started a ranging movement within $0.36 and $0.29 price levels.

XRPUSD 4 hour chart, January 10

The price is trading within the fast-moving average and the slow-moving average. The 9 periods EMA and 21 periods EMA are close to each other which indicate that consolidation is ongoing. However, the relative strength index period 14 is bending down at 50 levels to indicate a sell signal.

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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.