Moving Averages are on the Verge of Bullish crossover
On the daily chart, the bulls have crossed above the 12-day EMA and the 26-day EMA. The implication is that the coin is rising and it is in the bullish trend zone. On the upside, if the price remains sustained above EMAs, XRP upward move is guaranteed. In retrospect, the bulls have failed to penetrate the $0.30 resistance level in September and November.
This was due to a lack of buying power at a higher price level. Today, the bulls are facing resistance at $0.22 price level. On the upside, if the current retracement holds, the bulls are likely to break above the initial resistance and reach the $0.23 and $0.25 price level. Conversely, if the bulls fail to break the resistance, the market may be in a range-bound movement for a few days.
Buyers Overwhelmed Sellers in the Range
On the 4-hour chart, XRP has been fluctuating between $0.18 and $0.20 since December 17. The bulls have made three unsuccessful attempts to break it. Nonetheless, yesterday, the bulls broke the $0.20 resistance as price reached a high of $0.22. Nonetheless, as price breaks the resistance line and closes above it, the upward move may continue after the retracement.
- XRP Current Price: $0.21
- Market Cap: $9,259,740,299
- Trading Volume: $2,306,532,821
Key Levels to Watch (XRP/USD)
- Key Resistance Zones: $0.35, $0.40, $0.45
- Key Support Zones: $0.25, $0.20, $0.15
Expectantly, if the bulls break the resistance at $0.22 and $0.23, the price will rise and reach a high of $0.25. Nevertheless, if the bulls succeed above the $0.30 resistance, the uptrend will resume.
The Stochastic Indicator: XRP is now trading at the overbought region of the daily stochastic. The stochastic bands are fluctuating above 80% range meaning that price is in a strong bullish momentum. However, if the selling pressure persists the coin will be a bearish momentum
The RSI Indicator: The Relative Strength Index (RSI) Period 14 level 64 indicates that the coin is in a bullish trend zone. The upward move may likely continue.