XRPUSD May Reverse at $0.17 Support Level

3 January 2021 | Updated: 3 January 2021
XRP/USD Market January 03

When the bulls penetrate the $0.21 level, the price may decrease further to $0.17 and $0.10. Should the support level of $0.21 holds, the price may reverse and the resistance levels of $0.28, $0.39, and $0.49 may be tested.

Key Levels:

Resistance levels: $0.28, $0.39, $0.49
Support levels: $0.21, $0.17, $0.10

XRP/USD Long-term Trend: Bearish

On the daily chart, XRPUSD is bearish. XRPUSD remains under the bears’ momentum since the time the bears take over the XRP market when the coin reaches the resistance level at $0.62. The strong and massive daily bearish candle that formed penetrated the former support level of $0.39 and $0.28 downside. The price retracement was carried out to the $0.39 level. Following the pullback, the price decreases toward the $0.17 level when the bears increased their pressure.

XRPUSD daily chart, January 03

XRPUSD is struggling to penetrate the key support level at $0.21 but the level holds the price. When the bulls penetrate the $0.21 level, the price may decrease further to $0.17 and $0.10. Should the support level of $0.21 holds, the price may reverse and the resistance levels of $0.28, $0.39, and $0.49 may be tested. Meanwhile, the price retains its trading below 9 periods EMA and the 21 periods EMA, the former is below the later. The relative strength index period 14 is at 25 levels parallel to the level which indicates a consolidation signal.

XRP/USD Medium-term Trend: Ranging

On the medium-term outlook, XRPUSD is in the ranging mode. The support level of $0.21 is resisting the bears. The bears lose their momentum and the bulls’ pressure is equally weak. The price results in consolidation within $0.28 and $0.21 price levels.

XRPUSD 4 hour chart,January 03

The price is hovering over the 9 periods EMA and 21 periods EMA and the fast-moving average is interlocked with the slow-moving average. However, the relative strength index period 14 is bending up at 30 levels to indicate a buy 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.