Dominant bias for XRP- Ranging
Resistance Levels- $0.6000 $0.6500, $0.7000
Support Levels- $0.3500, $0.3000. $0.2500
XRP remains in a range-bound market. After a gradual returned to the market signaled by bearish exhaustion at 4600 in the support area, the bulls increased their momentum breaking the two EMAs line as XRPUSD was up at 4663. Increased momentum led to a retest of 4728 in the resistance area before exhaustion set in as the candles close with wicks. The bears made a return which was confirmed before the close of yesterday session with a bearish railroad that pushed the cryptocurrency down to $0.4634 in the support area. The 4-hour opening candle was a bearish gravestone an indication of further bears presence as they determine to sustain the momentum.
XRP Price fell below the two EMAs an indication of the Bears’ pressure. Momentum to the downside within the range is further confirmed by the stochastic oscillator at 34%, with its signal pointing down.
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.