Technical Analysis for XRPUSD for 26th January 2023
Ripple Bulls in Charge, Will XRP Break Above $0.42?
Past Performance of XRP
Ripple Technical Analysis
The immediate resistance is at $0.42. Buyers may be taking profit, explaining the retracement. However, from a technical perspective, the $0.42 line is a crucial reaction point that buyers must overcome. In that eventuality, the breakout must be with rising volumes. This move would allow buyers to double down, targeting $0.50. Conversely, any loss below $0.39 and January 23 low may slow down the uptrend, allowing traders to ramp up their liquidations.
What to Expect from XRP
Bulls are in command, but prices are retracing from a critical resistance level. For confirmation, there must be a definitive close above this line. This would rejuvenate buyers targeting November 2022 highs.
Resistance level to watch: $0.42
Support level to watch: $0.39
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