The bears managed to push the price of XRP below key support at $0.33 after a month of sideways trend. This level is critical to maintaining Ripple’s price from mid-2019.
Technical analysis Grizzly
On the daily timeframe, Ripple has lost about 28% of its value over the past seven days. By the time of this writing, the daily candlestick indicates that the bearish momentum is likely to have waned a bit. But this is not necessarily because a bullish reversal is imminent.
In a bearish case, Ripple is likely to slide to the intersection of dynamic support (marked in yellow) and horizontal support (marked in green) at $0.24. This level has not been tested since late 2020 and early 2021 and should be considered a strong PRZ (Potential Reversal Zone).
On the other hand, the bullish reversal scenario will be confirmed if it consolidates above the resistance at $0.5. The mission seems difficult.
In addition, the 30-day RSI hit its lowest level since the COVID crash in March 2020. The descending line (marked in red) is the dynamic resistance that Ripple needs to overcome in order to confirm a short-term reversal.
Key levels of support: $0.24 and $0.17
Key resistance levels: $0.33 and $0.46
On the chart of the BTC pair, XRP is up 14% against Bitcoin over the past three days. However, this should be taken with a pinch of salt unless XRP can consolidate above the static resistance at 1500 Satoshi (marked in yellow).
In this case, the uptrend can be seen as a pullback to retest support that turned into resistance levels.
Key levels of support: 1250 sat and 1100 sat
Key resistance levels: 1550 sat and 1700 sat
Binance Free $100 (Exclusive): Sign up and get $100 free and 10% off Binance Futures fees for the first month. (terms).
sign up and enter the code POTATO50 to get up to $7,000 on your deposits.
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 by TradingView.
Credit : cryptopotato.com