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XRP Analyse 1/20/2021

Ripple failed to claim the 33 cent range last week but also did not fall very much beyond the Fib 0.618. Yesterday a bearish pinpar was put on the chart that gewicked the ema200. The ema200 lies near the 33 cent region which we would like to see flipped to support a further price rise. But whether that will happen I doubt. The ema55 is currently making a bearish crossover on the ema100 and the rsi is also experiencing a lot of resistance from the middle line but is still managing to stay above the ema.

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On the four hour chart we see a bearish rejection on the green and no structural break could take place. Although it did look like it for a while with the wick through but for a structure break you want to see a candle close with possibly a retest to reduce the chance of a fake out.

The ema’s are bearish and seem to want to deflect further. The rsi is below the ema and the middle line. If XRP can set a higher low here, there is a small chance that the structure will be broken. But to get some more information I will take you to the one hour chart.
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And at the time of writing Ripple pops to the upper resistance zone in a few minutes. Are we going to see the flip after all in the coming hours? At least the ema’s are in favorable position and also the rsi has managed to cross the middle line and ema bullish with the rise.
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Conclusion:
The 30 cents needs to be flipped and tested will XRP continue to rise. Even better is if that happens at 33 cents. Local support is at 28-29 cents but the major support is around the fibonacci level 0.618 at 0.267 cents.

 

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