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 in the medium term outlook. The strong bearish pressure within the range broke the lower support area of yesterday analysis at $0.4450 and took XRPUSD further down to $0.4351 in the support area. As the bears lost momentum, the cryptocurrency closed within the range due to the bulls take over as shown by the bullish railroad before the end of yesterday session.
The bullish 4-hour opening candle at $0.4456 confirmed the bulls takeover within the range as price was up at $0.4534 at the resistance area.
The stochastic oscillator is at 43%, with its signal pointing up, which suggest upward price movement may occur due to the bulls pressure within the range.
XRPUSD is in consolidation and trading between $0.4800 in the upper resistance area and at $0.4450 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.