XRP Price Analysis – January 02
The Ripple (XRP) bulls hit resistance at $0.19, but the price may likely bounce back if the $0.18 could provide support.
Resistance levels: $0.21, $0.23, $0.25
Support levels: $0.17, $0.15, $0.13
Looking at the daily chart, XRP/USD follows a bullish wedge formation but is now retreating to its lower limit. After falling from $0.195 today, the price of the XRP is now closer to the $0.180 support, which could offer a rebound level for the next bullish rally. For the past few days, the bearish impulse movement has been suspended. Should the bears exhaust momentum around the $0.175 support level, a bullish continuation is expected to occur.
Meanwhile, if the bears are out of breath around the support area mentioned, a bullish pursuit is expected. However, we should keep an eye on the $0.19 and $0.20 before printing a new high at the resistance levels of $0.21, $0.23 and $0.25. Nevertheless, the XRP bear dictates the pace for the moment in the long term but remains to range on the short-term outlook.
More so, we should expect a quick buy once the trade reaches the wedge’s support at $0.180. And if the price fails to rebound, then a bearish breakout is likely to trigger more selling opportunity for traders, which might cause the price to retest the December low at $0.17 and could further drop to $0.15 and $0.13 support levels respectively. The RSI (14) moves below the 40-level. If the price oscillates downward, Ripple (XRP) may fall.
Comparing with Bitcoin, the trend of the pair is still looking bullish moving above the 9-day MA and about to cross the upper boundary of the channel. More so, the bullish continuation may take the price to the resistance levels of 2800 SAT and 2900 SAT respectively.
However, should the bulls failed to hold the price, then the can fall below the channel and the nearest support levels for the coin are 2550 SAT and 2450 SAT. The RSI (14) is moving towards the 40-level, which may likely give more bullish signals.
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