XRPUSD Price: Bears Prevails Over Bulls, It may Decrease to $0.21

XRPUSD Price: Bears Prevails Over Bulls, It may Decrease to $0.21

XRP/USD Market January 28

The increase in the bears’ pressure may push the price to penetrate the support level of $0.21 level; this may decrease the price to $0.17 and $0.10. In case the support level of $0.21 does not give way, the price may increase to the resistance levels of $0.28, $0.39, and $0.49.

Key Levels:

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

XRP/USD Long-term Trend: Bearish

XRPUSD is bearish on the daily chart. The bears are overpowering the bulls and that is why the price is decreasing slowly. The bears’ pressure is gradually increasing contrary to last week’s movement. The support level of $0.21 may be tested by the bears.

XRPUSD Daily chart, January 28

The price is trading below the 9 periods EMA and 21 periods EMA as a symbol of a bearish market. The increase in the bears’ pressure may push the price to penetrate the support level of $0.21 level; this may decrease the price to $0.17 and $0.10. In case the support level of $0.21 does not give way, the price may increase to the resistance levels of $0.28, $0.39, and $0.49. The relative strength index period 14 is below 50 levels with the signal line bending down to indicate the selling market.

XRP/USD Medium-term Trend: Bearish

XRPUSD is bearish on the medium-term outlook. The bears’ momentum seems to be higher than that of the bulls’ in the 4-hours chart. The price is gradually decreasing towards the support level of $0.21. Though the volatility is low and the movement is sluggish. There is a probability that the price will reach the support level at $0.21.

XRPUSD 4-hour chart, January 28

The two EMAs are above the price currently and the price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is bending down to indicate a sell signal.

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Author : Azeez Mustapha

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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.