Technical Analysis for XRPUSD for 26th January 2023
Ripple Bulls in Charge, Will XRP Break Above $0.42?
Past Performance of XRP
Ripple is relatively higher, tracking the rest of the crypto markets. Even though there are weaknesses and rejection from the liquidation line, XRP buyers are in control. As it is, the coin may breakout to register new Q1 2023 highs in the days ahead.
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
Disclaimer: Opinions expressed are not investment advice. Do your research.
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