XRPUSD Price; Bulls are Preparing to Soar Higher

XRPUSD Price; Bulls are Preparing to Soar Higher

XRP/USD Market February 02

If the bulls were able to increase their momentum and break up the $0.39 level, then, $0.49, $0.62 will be the next target. Should the resistance at $0.39 holds, the price may continue consolidating at the $0.39 level. However, below the current market price are $0.28, $0.21, and $0.17 support levels.

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 is bullish on the daily chart. When the November high ($0.73) was reached a few days ago, the bears could not accept defeat, they reacted against it with a sharp and sudden reduction in the price and the daily candle turned to the upper long-tailed candle. The price was placed below the former support level of $0.39 on February 01.  The bulls are trying to increase their momentum to push up the price.

XRPUSD daily chart, February 03

The fast-moving EMAs remain above the slow-moving EMAs well separated and the price is trading above the 9 periods EMA and 21 periods EMA as a symbol of a bullish market. If the bulls were able to increase their momentum and break up the $0.39 level, then, $0.49, $0.62 will be the next target. Should the resistance at $0.39 holds, the price may continue consolidating at the $0.39 level. However, below the current market price are $0.28, $0.21, and $0.17 support levels. The relative strength index period 14 is at 50 levels with the signal line pointing upside to indicate the buying market.

XRP/USD Medium-term Trend: Ranging

XRPUSD is ranging on the medium-term outlook. The bulls’ momentum and the bears’ momentum are equal on the 4-hour chart and that is the reason for price consolidation around the $0.39 price level. This scenario started shortly after the falling of the price from the high of $0.62. The bears pushed the price to break down the $0.39 level and lose momentum.

XRPUSD 4-hour chart, February 03

 

The two EMAs are close to each other and the price is trading below the 9 periods EMA and 21 periods EMA at a closer range. The relative strength index period 14 is parallel to the level at 50 to indicate that consolidation is in progress.

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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.