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XRP Price Analysis: Bears Continue to Dominate Despite Ripple’s 2.5% Daily Bounce

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Despite ongoing attempts to initiate a reversal, XRP bears continue to dominate the price action. However, it is important to explore potential reversal levels and how things could play out in the not so distant future.

Technical analysis

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By Grizzly

Daily chart

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As you can see on the daily timeframe, after more than ten attempts to increase the price from the beginning of January 2021 to August 2021, it has entered a correction phase that has been going on for more than 400 days. During this time, Ripple has lost over 80% of its value.

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Despite the sharp price drop, the sellers still have the upper hand, so the current trend remains bearish. The formation of lower highs and lows confirms this scenario.

For the bulls to establish momentum, XRP needs to break through the following resistance barriers: first the $0.51 horizontal level (red) and then cross dynamic resistance (blue). Provided that this is taken care of, there will be more hope for a reversal, however this remains a challenge for the bulls.

Until the above scenario plays out, it is difficult to expect a new uptrend and the overall outlook remains bearish.

Key levels of support: $0.36 and $0.20

Key resistance levels: $0.44 and $0.51

Source: Trading View

Moving averages:

MA20: $0.40

MA50: $0.52

MA100: $0.65

MA200: $0.73

XRP/BTC chart

The structure on the chart of the BTC pair is quite bearish and XRP seems to be more inclined to move lower. Green candles look weak and there is no positive signal yet.

For an uptrend to emerge, the price should return to the top of the red resistance zone at around 1550 sats against BTC. A return to this level plays an important role in the continuation of the uptrend. On the other hand, if buyers continue to dominate the market, horizontal support at 1200 SAT (white rectangle) is not ruled out. Given that this area is the intersection of horizontal (blue) and dynamic (yellow) support, the price may bounce back.

Key levels of support: 1200 sat and 1100 sat

Key resistance levels: 1500 sat and 1700 sat

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.

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