Dominant bias for XRP- Ranging
Resistance Levels- 0.6000 $0.6500, $0.7000
Support Levels- $0.3500, $0.3000. $0.2500
XRP continues in a range-bound market. The bears successfully took control of the market after the formation of a bearish railroad at $4617. XRP was initial down to $4567 and later to $4444 in the support area. Attempts to continue the downward journey within the range was rejected as a doji was formed, a good signal for reversal. The bulls did return and took XRP to $4853 in the resistance area.
The morning star formation was confirmation for the bullish takeover within the range. The price rose $0.48534 in the resistance area.
Price is above the two EMAs and the stochastic oscillator at 45% and its signal points up. This implies upward price movement within the range due to the bullish increased momentum.
XRP is in consolidation and trading between $0.4819 in the upper resistance area and at $0.4425 in the lower support area of the range. Traders should be patient at this period and allow a breakout at the upper resistance area or breakdown at the lower support area before taking a position with good reversal candlestick pattern that confirms the direction.