Ripple (XRP/USD) remains under bearish pressure, currently trading below the 21 SMA and below the 0/8 Murray both located at the same level at 0.7812.
Since the collapse on December 4, 2021 to the low of 0.6036, the crypto has managed to recover to 0.9610, printed on December 23. This was its last high that was above the 200 EMA. Now XRP is going through a very bearish stage, falling for a long time more than 50% of the recovery it had.
On the other hand, due to its correlation with BTC, the price of XRP is likely to rise 16% to retest 1/8 Murray at 0.8789. If BTC continues defending the zone of 40,000, there is hope that XRP will break the downtrend channel and consolidate above 78.12 for a short-term bullish outlook.
If in the next few days, the price of Ripple surpasses and breaks the bearish pressure zone, located at 0.7812, it could go towards the 200 EMA at 0.9210 and reach 2/8 of Murray at 0.9766.
As long as Ripple keeps hovering below 0.78, it will still be very bearish so the bears are probably still in control. A sharp break below the symmetrical triangle could see a drop to -2/8 Murray at 0.5859.
Support and Resistance Levels for January 19 - 20, 2022
Resistance (3) 0.7851
Resistance (2) 0.7694
Resistance (1) 0.7583
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Support (1) 0.7354
Support (2) 0.7114
Support (3) 0.6836
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Scenario
Timeframe H4
Recommendation: buy above
Entry Point 0.7812
Take Profit 0.8789 (1/8) 0.9796 (2/8)
Stop Loss 0.7460
Murray Levels 0.6836 (-1/8) 0.7812 (0/8) 0.8789 (1/8)
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Alternative scenario
Timeframe H4
Recommendation: sell if breaks
Entry Point 0.7100
Take Profit 0.6836 and 0.5859 (-2/8)
Stop Loss 0.7450
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