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XRPUSD Medium-term Trend: Ranging
• Resistance Levels: $0.56, $0.58, $ 0.60
• Support Levels: $0.30, $0.28, $0.26
The XRP price is still in a tight range between the levels of $.30 and $0.33. While in its tight range the $0.32 price level is now a strong resistance level. The crypto’s bullish candlesticks above the 12-day EMA and the 26-day EMA were being resisted at the $0.32 price level.
The bulls have not been able to break the $0.32 resistance level in the last three weeks. This accounts for the reason why the crypto’s price was in a tight range bound movement. The next trending move for the XRP price is either a price breakout or a price breakdown.
A price breakout at the $0.32 price level will be powerful and will result in the price reaching the high of $0.40. If the crypto’s price reaches the $0.40 price level, the bulls will gather momentum to resume its bullish trend. On the downside, a price breakdown at the lower price range will see the crypto’s price reaching the low at $0.28.
If this happens, the crypto’s price will be weakened. Meanwhile, the stochastic indicator is out of the oversold region but above the 60 % range which indicates that the XRP price is in a bullish momentum and a buy signal.
XRPUSD Short-term Trend: Ranging
On the 4-hour chart, the XRP price is in a bullish trend zone. On March 20, the bulls tested the $0.32 resistance level but the bears made a downward correction to the low at $0.31. The XRP price is ranging at the $0.31 price level. The crypto’s price is also ranging above the EMAs which indicate that the price is likely to rise.
Meanwhile, the stochastic indicator is at the oversold region but above the 60 % range which indicates that the XRP price is in a bullish momentum and a buy signal.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
