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Ripple Price Analysis: Fakeout or a Possible Rally for XRP After Reclaiming $0.4?

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Ripple is going sideways, like the rest of the crypto market. Currently, trading volume is low and there is no reliable bullish sign in the price action.

Technical analysis

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By Grizzly

Daily chart

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On the daily timeframe, XRP is trading at the horizontal support at $0.33 (blue). The ongoing sharp decline came to a halt on May 12, right at the intersection of the descending line (highlighted in yellow) and static support. Since then, the cryptocurrency has been in a sideways trend.

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Looking at the Momentum 30D indicator, the blue index in the bearish zone (red box) confirms the unfavorable market structure. Historical records show that if this index rises above the baseline (zero), the bearish momentum usually starts to decrease. In other words, this signal means that the bears have temporarily retreated. If so, and if the bulls are able to push the price above the horizontal resistance at $0.46 (white), then a short-term rally can be expected.

Key levels of support: $0.33 and $0.24
Key resistance levels: $0.46 and $0.55

Source: Trading View

Moving averages:

MA20: $0.40
MA50: $0.50
MA100: $0.64
MA200: $0.72

XRP/BTC chart

In relation to Bitcoin, the horizontal support at 1250 Satoshi (green) has so far prevented the price from falling further. However, the bears have yet to allow XRP to break the dynamic resistance barrier (white) and form a higher high (yellow).

If the bears fail to defend this level, the next challenge for the bulls will be the horizontal resistance at 1550 SAT (red). The price action against BTC seems to be more complex compared to the USD. The structure is bearish and if this continues, the support at 1250 sat is likely to be lost.

Key levels of support: 1250 sat and 1100 sat
Key resistance levels: 1550 sat and 1700 sat

chart2_xrp
Source: Trading View
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Disclaimer: The information found on Cryptooshalais the property of the cited authors. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency charts from TradingView.






Credit : cryptopotato.com

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