XRP Price Analysis – January 4
Yesterday, the price of Ripple improved but the coin is now consolidating in an intraday zone between 0.1927 and 0.1970.
Resistance levels: $0.21, $0.23, $0.25
Support levels: $0.17, $0.15, $0.13
Looking at the daily chart, the Ripple price has continued to demonstrate a sign of weakness across its markets. Now, the XRP/USD market is down by 0.21%, reflecting a price drop in the market and the fall might become heavy if the bearish action continues.
Meanwhile, the third largest-cryptocurrency witnessed a bullish drive against USD yesterday but currently trading at $0.192. Therefore, since the XRP/USD is following a sideways movement on a short-term outlook as it has been revealed by RSI (14) indicator, traders may expect the trend to break above the 9-day and 21-day moving averages if the price actions still remain inside the channel.
Moreover, a channel breakout could strengthen the bulls and this could push the price to the resistance levels of $0.21, $0.23 and $0.25 or a channel breakdown might lead the market in a bearish scenario if the price continues to fades and the closest supports to keep an eye on are $0.17, $0.15, and $0.13.
Comparing with Bitcoin, the Ripple price is changing hands at 2621 SAT and it is currently trading within a symmetric triangle. XRP/BTC is about to break below the lower boundary of the channel because the technical indicator suggests that the price will break down as RSI (14) nosedives to the south. The nearest support levels lie at 2500 SAT and below.
Moreover, the fact that a bearish pattern was created inside a significant support area increases the possibility that it will soon initiate a reversal. Meanwhile, if the bulls could push the price above the 9-day and 21-day moving averages, the coin may likely reach the nearest resistance levels at 2800SAT and above.
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