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XRP/USD Market January 17
An increase in the bulls’ pressure may push the price to penetrate the resistance level of $0.28 level; the price may increase to $0.39 and $0.49. In case the resistance level of $0.28 holds, the price may reverse and the support levels of $0.21, $0.17, and $0.15 may be tested.
Key Levels:
Resistance levels: $0.28, $0.39, $0.49
Support levels: $0.21, $0.17, 40.15
XRP/USD Long-term Trend: Bearish
The bears would not let XRPUSD go, which means the bears are holding tight to the XRP market. The price reached a low of $0.21 on January 01 and consolidates for a few days before it bounced up with the bulls’ pressure. The price broke up the 40.28 level aiming at $0.39. The bears interrupted and the price is returning below the $0.28 price level.
The price is trading below the 9 periods EMA and 21 periods EMA struggling to break up the confluence at the resistance level of $0.28. An increase in the bulls’ pressure may push the price to penetrate the resistance level of $0.28 level; the price may increase to $0.39 and $0.49. In case the resistance level of $0.28 holds, the price may reverse and the support levels of $0.21, $0.17, and $0.15 may be tested. The relative strength index period 14 is below 50 levels with the signal line pointing downside.
XRP/USD Medium-term Trend: Ranging
On the medium-term outlook, XRPUSD is in the ranging mode. The coin commences another stage of consolidation after it broke out of the first stage of consolidation that took place within the $0.20 and $0.25 level. The price was pushed up to test the resistance level of $0.39 but unable to reach the mark before it pulls back to retest the $0.28 level. The bears were unable to penetrate the level. The coin started a ranging movement around 40.28 price level.
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 below 50 levels to indicate a ranging market.
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