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The price of XRP has rebounded from 0.6954 to 0.8051, having gained more than 12% since the beginning of the week. The level of 0.80 has become a strong resistance, because at this level the 21 SMA and a strong weekly resistance are located on the daily chart.
At this moment, Ripple is consolidating near the SMA of 21 located at 0.7671. If in the next few hours, it continues trading above this level, the price could resume its technical bounce and thus might be able to break above 0.80.
According to the 4-hour chart, strong resistance levels are observed and the upside potential of XRP seems to be limited. For a bullish scenario, the resistance of 0.80 (weekly resistance) the EMA of 200 (0.8373) and 0.8789 (1/8) should be overcome.
AAccording to the daily chart, Ripple could change the trend above 0.88 and start a new uptrend with targets towards the resistance of 6/8 Murray at 0.97.66 and up to the psychological level of $1.00.
On the contrary, if in the next few hours Ripple reaches the zone of 200 EMA located at 0.8373 and fails to break above this level, we could expect a technical correction and the price could resume the downward movement towards 0.6863 (-1/8).
The eagle indicator is giving a positive signal. It is expected that XRP can maintain the price above 0.7500 to sustain the bullish outlook. In the coming days, as long as it remains above the 21 SMA, we could expect it to continue to recover and could move towards the zone of resistance at 0.8789.
Support and Resistance Levels for January 14 - 17, 2022
Resistance (3) 0.8352
Resistance (2) 0.8177
Resistance (1) 0.7933
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Support (1) 0.7514
Support (2) 0.7339
Support (3) 0.7095
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Scenario
Timeframe H4
Recommendation: buy above
Entry Point 0.7671
Take Profit 0.8373 (200 EMA), 0.8789 (1/8) 0.9766 (2/8).
Stop Loss 0.7400
Murray Levels 0.7812 (0/8) 0.8789 (1/8) 0.9766 (2/8)
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