XRPUSD Price; Consolidating Within $0.49 and $0.39 Levels

XRPUSD Price; Consolidating Within $0.49 and $0.39 Levels

XRP/USD Market February 08

When the bulls increase their momentum, $0.49 level may be penetrated upside and $0.62 – $0.73 levels may be reached. In case the bears prevail over the bulls, $0.39 may be penetrated and $0.28 – $0.21 may be tested.

Key Levels:

Resistance levels: $0.49, $0.62, $0.73

Support levels: $0.39, $0.28, $0.21

XRP/USD Long-term Trend: Bullish

XRPUSD is bullish on the daily chart. The sudden price spark that took place on February 01 pushes the price to test the resistance level of $0.62 before it falls back to $0.39 level. Shortly after that, the price has not make a significant movement. The price is consolidating within $0.49 and $0.39 levels. Before the market close last week, the bears were in control.

XRPUSD Daily chart, February 08

The price is trading above the fast-moving EMAs and the slow-moving EMAs. The two are well separated which indicate that the bulls are holding the market. When the bulls increase their momentum, $0.49 level may be penetrated upside and $0.62 – $0.73 levels may be reached. In case the bears prevail over the bulls, $0.39 may be penetrated and $0.28 – $0.21 may be tested. The relative strength index period 14 is at 50 levels with the signal line pointing downside to indicate the selling market.

XRP/USD Medium-term Trend: Ranging

XRPUSD is ranging on the medium-term outlook. The momentum of both the bulls’ and the bears’ remains equal on the 4-hour chart and that is the reason for the continuation of 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 08

The two EMAs are interlocked to each other and the price is hovering over the 9 periods EMA and 21 periods EMA. However, the relative strength index period 14 is bending down below 50 level to indicate 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.