XRP Market Analysis for 18th January 2021

XRP manages to stabilise under the $0.29 mark after losing the $0.30 range during the 2nd week of January. The commodity has also recently fallen to 5th place, with Polkadot taking 4th place. Although rates have been increasing since the end of December, there is a sense of doubt regarding the future of the commodity.

XRP 12-hour chart

At the time of the press, XRP is currently moving above the ascending support, which tends to drive XRP above the main resistance mark. Today, just above $0.268, the commodity is still actually earning support from the 50-fold scale. However, the amount of trade associated with the token is exceedingly limited and will not be surpassed by $0.30 at any time soon.

In order to stay reasonably bullish in the map, the position of XRP above the ascending support remains crucial over the long term.

Market Rationale

At the time, the price indexes seemed to be uniformly neutral. On-balance-sheet turnover has demonstrated steady trading activity since the beginning of January, suggesting that new traders have not been able to reach the market.

Similarly, the Relative Strength Index or RSI held a position of around 50, indicating a balance between purchasing and selling pressure. Awesome Oscillator or AO indicated a decrease in bearish energy, but there is still a lack of bullish feeling.

On the weekly scale, XRP may be struggling to prevent another collapse, and its movement below the ascending support may take place over the current week.

Any consolidation under the $0.265 price range may create problems for XRP and is highly counterproductive, and such a change may require XRP to revise its price from December 2020.