XRP Price Analysis – January 9, 2021
XRP/USD has recovered as the price reached a high of $0.36. XRP has chances of a further upward move. On December 29, the crypto plunged to $0.17 low before the bulls buy the dips. On the other hand, XRP/BTC is yet to recover from the downtrend but the crypto is consolidating above Ƀ0.00006530 support for a possible upward move.
Resistance Levels: $0.78, $0.80, $0.82
Support Levels: $0.28, $0.26, $0.24
Today, Ripple is retracing after rallying to $0.36 high. The coin has retraced to $0.31 support. XRP will resume upward if the current support holds. XRP is yet to join the bull market as most of the coins are making positive moves on the upside. Meanwhile, if buyers can push XRP above $0.45, the coin will be out of the bearish trend zone. There is the possibility of the coin rising as the crypto will be above the SMAs. Presently, XRP is facing resistance at the $0.34 high. A break above the resistance will catapult the coin to rally above $0.40. Subsequently, the market will continue to rise on the upside. However, if the bulls fail to break the resistance, XRP will be range-bound between $0.30 and $0.34. According to the Fibonacci tool analysis, XRP will rise on the upside. A retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the coin will rise and reach level 2.0 Fibonacci extension. That is the high of $0.462
Ripple (XRP) Indicator Analysis
The price has broken the 21-day SMA. A break above the SMAs will accelerate the upward movement of the coin. XRP is above the 60% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The SMAs are still sloping downward as the coin is in the bearish trend zone.
In the case of XRP/BTC, the crypto is still consolidating above Ƀ0.00006530 support. The coin has already fallen to the oversold region of the market. Buyers are expected to emerge to push the coin upward. A push above the Ƀ0.000022000 support will mean that crypto is out of the downtrend zone. Possibly the upside momentum will resume. However, the consolidation above the current support will continue if the coin fails to break into the previous highs.
Remember, all trading carries risk. Past performance is no guarantee of future results.