XRP Price Analysis: XRP/USD Trends of January 23–29, 2019
CoinSpeaker
XRP Price Analysis: XRP/USD Trends of January 23–29, 2019
Key Highlights:
- Another ranging movement on the XRP market;
- the bears still hold control of the market;
- traders should exercise patient before placing a trade.
XRP/USD Price Long-term Trend: Ranging
Supply levels: $0.33, $0.38, $0.42
Demand levels: $0.28, $0.25, $0.22
On the long-term outlook, XRP/USD resumes another range-bound movement. Another sideways movement commenced shortly after the coin broke out of the sideways movement that took place on December 27 till January 10 by the big bearish candle that broke down the former demand level of $0.33. The XRP price started consolidating below the $0.33 price level. The XRP price will remain on this state of consolidation until there is a breakout on either side of the range level.
The $0.28 demand level is already been exposed. XRP price is trading below the 21-day EMA and 50-day EMA and the two EMAs are fanned apart which indicate the bearish pressure in the XRP market. Should the bears defend the supply level of $0.33 the coin may fall to the $0.25 price level. In case the XRP price decline to the previous low of $0.28 and the price bounces then the traders should look for an opportunity to place a long position and take their profit at $0.38 price level.
The Relative Strength Index period 14 is at 40 levels flat horizontally at the level implies that the consolidation movement may continue for a short period of time.
XRP/USD Price Medium-term Trend: Bearish
XRP/USD is on the bearish trend on the medium-term outlook. The cryptos maintain its bearish trend last week. The bulls made attempts to break up the supply level of $0.33 on January 19 but were resisted and the coin resumed its bearish trend. Currently, the XRP price is below the 21-day EMA and the 50-day EMA is above the two.
The Relative Strength Index period 14 is at 50 levels horizontally flat at the level without showing direction indicates that ranging movement is ongoing and may take few hours before the breakout.