XRPUSD Price Is Ranging at $0.28 Level

XRPUSD Price Is Ranging at $0.28 Level

XRP/USD Market January 20

When the bulls increase their pressure, it may push the price to penetrate the resistance level of $0.39 level; the price may increase to $0.49 and $0.55. In case the support level of $0.28 gives way, the price may decrease to the support levels of $0.21, $0.17.

Key Levels:

Resistance levels: $0.39, $0.49, $0.55

Support levels: $0.28, $0.21, $0.17

 

XRP/USD Long-term Trend: Ranging

XRPUSD is ranging on the daily chart. The bears’ pressure is getting weak and the support level of $0.28 could not be penetrated by the bears. Likewise, the bulls’ momentum is too weak to drive the coin towards north side. The price is consolidating at the support level of $0.28. Attempt made by the bears to penetrate the support level downside fails with the opposition from the bulls.

XRPUSD Dialy chart, January 20

The price is trading in-between the 9 periods EMA and 21 periods EMA struggling to break down the confluence at the support level of $0.28. When the bulls increase their pressure, it may push the price to penetrate the resistance level of $0.39 level; the price may increase to $0.49 and $0.55. In case the support level of $0.28 gives way, the price may decrease to the support levels of $0.21, $0.17. The relative strength index period 14 is at 50 levels with the signal line parallel to the level to indicate ranging market.

XRP/USD Medium-term Trend: Ranging

On the medium-term outlook, XRPUSD is in the ranging mode. The bears’ momentum and the bulls’ momentum remains at equal level and that is why consolidation movement continues in the XRPUSD market on 4 hour chart. Today, the bears made an attempt to break down the support level of $0.28 but the bulls interrupted the movement and it continues ranging around the $0.28 level.

XRPUSD 4 hour chart, January 20

The two EMAs remains 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 yet to display specific market direction.

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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.