XRPUSD Price: $0.39 Resistance Level Holds

XRPUSD Price: $0.39 Resistance Level Holds

XRP/USD Market January 13

Should the bulls increase their pressure, the price may penetrate the resistance level of $0.39 level; the price may increase to $0.39 and $0.62. In case the resistance level of $0.39 holds, the price may reverse and the support levels of $0.28, $0.21, and $0.17 may be tested.

Key Levels:

Resistance levels: $0.39, $0.49, $0.62
Support levels: $0.28, $0.21, $0.17

XRP/USD Long-term Trend: Bullish

XRPUSD found support at the $0.21 level; it could not penetrate the support level due to weak momentum. The bulls also have not enough pressure to push up the price, then; the price commences a consolidation at the mentioned support level. On January 07, the bulls gain more pressure and push the coin to break up the former resistance level of $0.28, the bulls’ and the bears’ momentum became weak again and started consolidation till the moment.

XRPUSD daily chart, January 13

The price is trading between the 9 periods EMA and 21 periods EMA struggling to break up the confluence at the resistance level of $0.36. Should the bulls increase their pressure, the price may penetrate the resistance level of $0.39 level; the price may increase to $0.39 and $0.62. In case the resistance level of $0.39 holds, the price may reverse and the support levels of $0.28, $0.21, and $0.17 may be tested. 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 in the ranging mode. After the coin broke out of the first stage of consolidation that took place within the $0.20 and $0.25 level, the price increases to test the resistance level of $0.39 and pulls back to retest the $0.29 level but unable to penetrate the level. The coin started a ranging movement within $0.39 and $0.29 price levels.

XRPUSD 4 hour chart, January 13

The two EMAs are interlocked to each other and the price is trading over and around the 9 periods EMA and 21 periods EMA. However, the relative strength index period 14 is flat to the level at 50 levels to indicate a ranging market.

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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.