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XRPUSD Medium-term Trend: Bullish
• Resistance Levels: $0.56, $0.58, $ 0.60
• Support Levels: $0.32, $0.30, $0.28
Yesterday, February 20, the XRP price was in a bullish trend. The crypto’s price reached a high of $0.34 and was resisted. The crypto’s price is facing resistance at the $0.34 price level. On January 10, the bears broke the $0.34 price level which was then a support level but today it is a resistance level. The bulls have not been able to break the $0.34 resistance level since January 10.
Nevertheless, the bullish trend may have been terminated because of the broken trend line. We will confirm this termination when another candlestick closed on the opposite of the trend line. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that the price is the bullish trend zone and most likely to rise.
On the upside, the crypto will rise if more buyers come in at the $0.34 price level and the crypto’s price is sustained above the EMAs. Then the bulls should be able to overcome the resistance level. Meanwhile, the stochastic indicator is in the overbought region and below the 80 % range which indicates that the XRP price is in a bearish momentum and a sell signal.
XRPUSD Short-term Trend: Bullish
On the 4-hour chart, the XRP price is in a bullish trend. Yesterday, February 20, the XRP price was ranging above the $0.33 price level. The bears have broken the 12-day EMA and price is approaching the 26-day EMA. Nevertheless, if the bears break below the EMAs, the crypto will resume its downward trend.
Meanwhile, the stochastic indicator is out of the overbought region but below the 40 % range which indicates that the XRP price is in a bearish momentum and a sell 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.
