Technical Analysis for XRPUSD for 17th January 2023
Ripple Underperforming, Will XRP Break $0.42?
Past Performance of XRP
XRP is, compared to BTC, underperforming. The coin is within the November 8 and 9 bear trading range at spot rates. Besides, participation levels behind the recent surge are with lighter trading volumes, pointing to apprehension. This could be due to fundamental reasons. All the same, XRP needs to close above $0.42 for trend definition.
Ripple Technical Analysis
The bull bar of Jan. 2 is the anchor of the current formation. Though XRP is up 26 percent from this month's low, the uptrend is not convincing. Trading volumes are low, and prices are moving in a tight range. Moreover, since prices are within the bear bar of Nov. 9, sellers have the upper hand from an effort versus result perspective. Nonetheless, XRP bull bars are banding along the upper BB. Traders can search for loading opportunities above $0.371 and the middle BB, targeting $0.42. Losses below $0.371 with rising trading volumes will cancel this preview, swinging price action in line with losses of Nov. 9, of which XRP prices are still capped in.
What to Expect from XRP
The bulls are upbeat, but they can do better by overcoming the resistance at $0.42 and changing the narrative. Support lies at $0.371. If broken, the coin may return to around $0.33 in a retest.
Resistance level to watch: $0.42
Support level to watch: $0.37
Disclaimer: Opinions expressed are not investment advice. Do your research.
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