Technical Analysis For XRP/USD
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Technical Analysis For XRP/USD

January 13, 2020      Cryptoknowmics

The price of XRP/USD is trying to remain on the upside as the bulls put in effort to take it higher. The pair has put up a slow performance since Jan. 9, thereby gaining about 0.52% today.

A look it at the daily chart of the pair reveals continuous decline following a bullish rally that ensued on Jan. 6. Right now, the buyers are trying to take charge of the market with a current movement over the 9-day MA and 21-day MA, moving towards the hurdle at $22.

Within the previous twenty-four hours, the pair has experienced a somewhat increase in the market and it is at the moment close to $0.21. As of this moment, there is a likelihood of the pair to start sideways movement before breakout or break down of the ascending channel.

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If there is a successful break out of the channel, the price could visit the hurdles at $0.24, $0.25 and $0.26. As for the downside, the price could find support at $0.18 and $0.17. A fall under the previous levels could lead to another support close to $0.16.

If the price finds support at the level mentioned above, it could experience an upsurge and encounter the major hurdle at 2700 SAT. If it attains 2700 SAT, it may move further to hurdles at 2800 SAT and 2900 SAT.

Nevertheless, failure to attain the closest hurdle could take the price to the downside towards 2500 SAT and even 2400 SAT.

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